Summary
TLDR: Ethereum’s Dencun upgrade has significantly reduced transaction fees on various Layer 2 networks, improving scalability and affordability within the network. The upgrade includes several important Ethereum Improvement Proposals that enhance user experience and network security. Rigorous testing was conducted before deploying the upgrade on the Ethereum mainnet.
Key Points
1. Ethereum’s recent Dencun upgrade has significantly reduced transaction fees across various Layer 2 (L2) networks. This milestone marks a pivotal moment for Ethereum users, promising improved scalability and affordability within the network.
2. Following the upgrade, the average fee on Optimism plummeted to $0.05, while Arbitrum’s dropped to $0.5. The average transaction fee on Base fell to $0.064, while zkSyncEra’s declined to $0.161. The Dencun upgrade went live on the Ethereum network at block height 269,568 as planned, with the primary objective being to improve Ethereum’s scalability and affordability to enhance user experience.
3. In addition to the significant fee reductions, the Dencun upgrade encompasses several other important Ethereum EIPs. Ethereum developers subjected the different Ethereum EIPs to rigorous testing before deploying the Dencun upgrade to the Ethereum mainnet. They first deployed Dencun on the Goerli testnet on January 17, 2024, before transitioning to the Sepolia testnet on January 31 and the Holseky testnet one week later. Only after rigorous testing on the third testnet did the Dencun upgrade receive the green light to be deployed on the Ethereum mainnet.