After the successful upgrade of Ethereum Dencun, transaction fees have significantly decreased, prompting developers to utilize the new transaction type called “Blobs” for interesting activities.
Developer Dan Cline from Paradigm was one of the first to upload the complete script of the movie “Bee Movie” to the Ethereum mainnet during the early stages of the Dencun upgrade, at a cost of approximately $14. Although he admits he wasn’t the first to publish a Blob transaction, he excitedly shared that he was the first to publish the script of “Bee Movie” on the Ethereum mainnet.
About an hour later, with further fee reductions, Mason Hall from a16z stated that he had also published the script on the mainnet for just $5.
This act of copying and pasting the script of “Bee Movie” is a meme that originated from Tumblr and quickly spread on social media platforms such as Reddit, YouTube, and Facebook. Previously, during the popularity of Bitcoin’s Ordinals, developers had also published the script of this movie on the Bitcoin blockchain.
“Bee Movie” is a 2007 American animated comedy film with a runtime of 92 minutes. It was produced by DreamWorks Animation and directed by Simon J. Smith and Steve Hickner. The film features voice actors Jerry Seinfeld, Renée Zellweger, and Matthew Broderick. The story follows a young bee named Barry B. Benson who is dissatisfied with the job assigned to him by the bee society and decides to leave the hive to find a new purpose in life.
During his adventure, Barry discovers that humans have been consuming honey produced by bees without providing proper compensation or respect. He decides to sue the human race, leading to a legal battle between humans and bees. Through this journey, Barry learns the importance of his own community and discovers the significance of friendship and mutual understanding across species.
The Dencun upgrade introduced a new transaction type called “Blobs” primarily used to reduce the data storage costs of Ethereum L2, rather than directly reducing Gas fees on the Ethereum mainnet. So far, OP chains (including OP Mainnet, Base, and Zora), Starknet, and zkSync have completed the update, while Arbitrum One will complete it later today. The projects that have completed the upgrade have indeed witnessed a significant decrease in Gas fees.
According to L2 Fees website, a comparison of Gas fees before the Dencun upgrade (evening of the 13th) and after the upgrade (morning of the 14th) shows a significant decrease in the fees for sending ETH:
– zkSync Era: from $0.15 to $0.04
– StarkNet: from $0.71 to $0.07
– OP Mainnet: from $0.36 to less than $0.01
Additionally, Marcov’s Dune data panel shows the average transaction fees for major L2s this morning:
– Zora: $0.0034
– OP Mainnet: $0.035
– zkSync: $0.159
– Base: $0.035
Compared to the average transaction fee of $0.487 for Arbtrum, which has not completed the upgrade yet, the Dencun upgrade has indeed brought significant changes.
Source: Marcov Dune data panel
Related Reports:
– Upcoming Cancun Upgrade: STRK, OP Surge Over 30%, Ethereum Layer 2 Takes Over the Rally?
– MT Capital Research Report: Interpreting Cancun Upgrade Principles and Investment Opportunities
– Post-Canun Upgrade, Ethereum Layer 2 to Face “Bloody Infighting,” How Will the Market Evolve?