The Dencun upgrade on Ethereum has been successfully completed. It is expected that from now on, fees on Layer 2 networks will be significantly lower. 

Yesterday (March 13)  the Dencun upgrade on the Ethereum main network was successfully completed. It is the most anticipated hard fork since The Merge upgrade. 

At the heart of the “Dencun” upgrade is Ethereum Development Proposal (EIP) No. 4844, or “Proto-danksharding,” as it introduces a new storage system called “bolbs” that will reduce costs. Storing data down The data will only be stored for approximately 18 days instead of being stored forever.

Therefore, this upgrade will significantly reduce transaction fees on Ethereum's Layer 2 networks such as Optimism, Arbitrum and Base. 

Arbitrum's fees are expected to fall from $2.02 to $0.40, Optimism's will drop from $1.42 to $0.28, and Base network's fees will drop from $0.58 to $0.01. 

However, even though the upgrade went well, the price of Ethereum (ETH) was not significantly affected. Still resting below $4,000 last Monday and Tuesday. The coin tried to break through the key resistance level but was unsuccessful. 

Ethereum continues to maintain its upward momentum. The price is up 18% over the past 14 days and up nearly 60% over the past 30 days, while the current trading price of $3,990 is down 1.15% over the past 24 hours.