Dencun Upgrade Leads to Dramatic Drop in Transaction Fees for Ethereum's Layer-2s

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Bitget2024/03/15 05:45

By:Bitget

Ethereum recently rolled out the "Dencun'' upgrade, aiming to reduce data fees and improve scalability across its network. This upgrade is designed to benefit layer-2 networks like Arbitrum, zkSync, and Polygon, by facilitating faster and cheaper transactions.

Following the successful upgrade in March 13, there has been a remarkable reduction in transaction costs on layer-2 chains, with major networks implementing blobs experiencing significant drops in average fees. For instance, on platforms like Optimism and Starknet, median gas fees have plummeted by several folds, making transactions significantly more affordable for users. This development proves the effectiveness of the Dencun upgrade in enhancing the efficiency and cost-effectiveness of Ethereum's ecosystem, and paves the way for broader adoption and scalability. However, as the number of rollups utilizing blobs increases, competition for blob space may intensify, potentially leading to slightly higher transaction costs in the future.

Despite this potential challenge, the Dencun upgrade marks a significant leap forward in Ethereum's quest to address high transaction fees and lay the groundwork for broader blockchain scalability.

Source: The Block

Futures market Updates

Bitcoin futures saw a slight decrease in total open interest, while trading volume impressively surged by 76.22% in the past 24 hours. Long liquidations for Bitcoin futures more than tripled short liquidations, despite a relatively balanced long/short ratio. Similarly, Ether futures experienced a slight dip in open interest, with a trading volume increasing by 55.32%. Long liquidations were five times more than short liquidations, even though Ether futures had a balanced long/short ratio.

Bitcoin Futures Updates

Total BTC Open Interest: $36.02B (-5.68%)

BTC Volume (24H): $142.12B (+76.22%)

BTC Liquidations (24H): $135.74M (Long)/$41.27M (Short)

Long/Short Ratio: 49.49%/50.51%

Funding Rate: 0.0435%

Ether Futures Updates

Total ETH Open Interest: $13.80B (-4.50%)

ETH Volume (24H): $56.07B (+55.32%)

ETH Liquidations (24H): $79.68M (Long)/$15.18M (Short)

Long/Short Ratio: 50.35%/49.65%

Funding Rate: 0.0458%

Top 3 OI Surges

VARY: $10.09M (+216.74%)

FRONT: $56.09M (+131.55%)

RAY: $882.11K (+63.98%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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