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The much-anticipated update of the Ethereum blockchain network has been implemented. Cryptocurrency enthusiasts are currently exploring the new features while transaction fees on Layer 2 solutions are decreasing.
On March 13 at 13:55 (UTC), the Dencun hard fork was executed on the Ethereum network. This update is designed to enhance the scalability of the blockchain network and significantly lower transaction costs within Layer 2 protocols.
The Dencun update comprises nine distinct EIPs that integrate enhancements to Ethereum’s execution layer along with improvements to the consensus layer. A key feature of this hard fork is the implementation of Proto-Danksharding, which enables the storage of large data sets (BLOB objects) on L2 networks at reduced transaction fees.
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Immediately following the mainnet upgrade, Ethereum enthusiasts began testing the new capabilities. A developer uploaded the complete script of Bee Movie just 13 minutes post-update. According to Etherscan, the transaction was valued at $13.88. An hour later, Mason Hall, an Investment Partner at a16z, performed a similar transaction for only $5.
Dune Analytics indicates that as of 13:00 (GMT+2) on March 13, six L2 protocols on Ethereum, including Starknet, ZkSync, Optimism, and Base, now support BLOB objects. The Block reports that the average transaction fees on L2 solutions have significantly decreased since the update, with Base network fees dropping by 99.8% to approximately $0.0012 per transaction.
Nonetheless, this reduction has not benefited users on the Base network. Gas fees on Ethereum remain elevated despite a minor decrease. As of 13:00 (GMT+2), users are required to pay an average of around $70 for a swap on the network and approximately $119 for an NFT sale.
Dencun is identified as one of the significant updates scheduled for this year, according to the Ethereum roadmap. Previously, experts have highlighted the hard fork as a major positive factor that could influence Ethereum’s value in 2024.
Сообщение Dencun Hard Fork Live on Ethereum появились сначала на CoinsPaid Media.
