🛍Average transaction fees on Ethereum L2 decreased by 99%

🛍Average transaction fees on Ethereum L2 decreased by 99%

This happened after the Dencun update on March 13th (an update focused on the scalability of the main Ethereum network). Representatives from the Ethereum Foundation assert that this was planned.

➡️ StarkNet (STRK), a well-known Ethereum-based L2, achieved a 99% reduction in gas fees after the update. Fees decreased to 0.04 USD compared to over 6 USD before the Dencun update. A significant decrease was observed on platforms like Optimism, Base, and Zora OP.

➡️ Early signs suggest that the hard fork helped several L2s reducing transaction costs.

➡️ The pendulum may "swing back": With the rising number of rollups utilizing BLOB objects, and predictions indicating an intensifying battle for space, the current low cost on L2 networks employing BLOB objects might result in future fee increases. Consequently, transaction costs are also expected to rise.

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