The Dencun upgrade of Ethereum has been successfully implemented, resulting in a significant reduction in transaction costs for Layer 2 transactions. Vitalik Buterin, co-founder of Ethereum, expressed his celebration and revealed the upcoming progress of ETH.
(Previous summary:
Completion of the Cancun upgrade: Did Ethereum L2 Gas fees really decrease? ARB, OP, STRK… price performance?
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(Background supplement:
Dropped! Ethereum’s Cancun upgrade (Dencun) launched, and ETH briefly plummeted to $3,930.
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The highly anticipated Ethereum Dencun upgrade was successfully launched on the mainnet last night (13th). The most important change introduced a new type of transaction called “Blobs,” which brings higher transaction efficiency and lower transaction costs to Ethereum’s Layer 2 scaling solution.
Currently, major L2 networks are gradually integrating Blobs (Optimism, Starknet, and zkSync have already been updated, while Arbitrum One and Base will be completed later today), and the projects that have completed integration have indeed seen a significant decrease in gas fees.
Comparison of L2 gas fees before and after the upgrade:
According to the L2 Fees website, the following comparisons were made between the gas fees at 6:00 PM on the 13th (before the Dencun upgrade) and the gas fees in the morning of the 14th:
– Sending ETH on zkSync Era:
– From $0.15 to $0.04
– Sending ETH on StarkNet:
– From $0.71 to $0.07
– Sending ETH on OP Mainnet:
– From $0.36 to less than $0.01
Regarding the next steps for Ethereum after the Cancun upgrade, Vitalik Buterin posted on the decentralized social platform Farcaster, stating:
The development roadmap of Ethereum is divided into six parts, including The Merge, The Surge, The Scourge, The Verge, The Purge, and The Splurge, all of which are running simultaneously. The introduction of Blobs in the Dencun upgrade, represented by EIP-4844, is a progress in The Surge route. With the successful implementation of this update, Vitalik stated that the foundational milestone of scalability has been achieved.
As for the upcoming progress mentioned by Vitalik, the Wokkel Tree (verkle trees) and history expiry are respectively related to the goals of The Verge and The Purge routes.
Related articles:
Vitalik praises “Verkle Trees” – What are they, and are they better than Merkle Trees? Goal: Stateless validation on Ethereum by the end of this year.
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