Significant Drop in L2 Network Transaction Fees Post-Dencun Upgrade and EIP-4844 Implementation

Ethereum logo showing the word fees cut with scissors

Following the Dencun upgrade and the implementation of EIP-4844, transaction fees across Layer 2 (L2) networks have seen significant reductions. In the past hour (9:00-10:00 UTC+8), various L2 solutions such as Optimism, Base, Arbitrum, and zkSync Era witnessed substantial drops in average and median transaction fees.

In the aftermath of the Dencun upgrade and the integration of EIP-4844, transaction fees across Layer 2 (L2) networks have witnessed a remarkable reduction. Analyzing the data from the past hour (9:00-10:00 UTC+8), we observe substantial declines in transaction costs across various L2 solutions.

Key Findings:

  • Optimism’s average transaction fee stands at $0.05, with a median fee of $0.0038.
  • Base records an average transaction fee of $0.064, with a median fee of $0.0008.
  • Arbitrum registers an average transaction fee of $0.5, accompanied by a median fee of $0.3553.
  • zkSync Era demonstrates an average transaction fee of $0.161, with a median fee of $0.0936.

Additionally, post the Dencun upgrade, further reductions in transaction costs have been observed in specific L2 networks:

  • The cost of zkSync Era sequencer using Calldata dropped from 0.11 ETH to 0.013 ETH, marking a decrease of approximately 88%.
  • Coinbase L2 Network Base transaction fees plummeted from $0.31 to $0.0005, showcasing a significant reduction.
Post Dencum L2 fees

Analysis:

The implementation of EIP-4844 as part of the Dencun upgrade has ushered in a new era of improved scalability and affordability for Ethereum’s Layer 2 networks. These substantial reductions in transaction fees signify a significant advancement in enhancing the accessibility and user experience within the Ethereum ecosystem. The specific reductions in zkSync Era and Coinbase L2 Network Base transaction fees highlight the widespread impact of the upgrade on various L2 solutions, contributing to a more cost-effective and efficient network operation.

The notable decrease in transaction costs across L2 networks underscores the positive impact of the Dencun upgrade and EIP-4844. As transaction fees become more affordable, this development is expected to foster greater innovation, adoption, and usage of decentralized applications (dApps) built on Ethereum’s Layer 2 infrastructure. The continuous efforts to optimize transaction costs demonstrate a commitment to scalability and accessibility within the Ethereum ecosystem.

Author: Candace

Candace loves the arts. She holds some bitcoins.