Ethereum Rolling Starts Reaping Dencun Benefits: 99% Fee Drops Reported in Some Cases
Ethereum rollup, a layer 2 scaling structure, has started to reap the benefits of the recently implemented Dencun upgrade.
Ethereum Dencun Upgrade Reduces Rollup Fees Drastically
The update, which includes EIP-4844, also known as Proto-Danksharding, has allowed transaction fees to drop by up to 99% in some cases, with Arbitrum, Base, Optimism and Starknet becoming cheaper overall. The recently implemented update, which implements EIP-4844, also known as Proto-Danksharding, to make rollup transactions cheaper, has been praised by users who can now transact by paying more affordable fees.
Brian Armstrong, CEO of Coinbase, praised the changes brought by Dencun, noting that a simple transaction with a $0.3 fee now has a $0.005 fee on Base. Armstrong stated:
Reducing transaction costs and confirmation times at Layer 2 will open up even more crypto use cases. We finally get scalability.
Hayden Adam, founder of decentralized exchange Uniswap, also noted a huge reduction in fees when using Uniswap to make currency exchanges using Optimism, which now costs $0.01. Hayden emphasized:
Let's get started, we will scale ethereum. A big shout out to everyone involved in the Dencun delivery.
Improvements were reported in several operations using solutions such as Arbitrum, Base, Optimism, and Starknet. Using Starknet, another Ethereum rollup, to perform in-app exchanges with Argent
However, some people have pointed out that these solutions are centralized and pose dangers to users who park their funds there. Nikita Zhavoronkov, Blockchair's lead developer, explains that Dencun is a huge boon for the company while exposing users to L2-centric risks.
Previously, Zhavoronkov had warned about the risks of holding funds in Arbitrum One, as they “can be immediately withdrawn by the “security board” through “emergency measures” at any time.”
What do you think about Dencun and its impact on Ethereum rollup transaction fees? Let us know in the comments section below.
