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Home > News
Published: 14/03/2024
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Author: Kane
Layer-2 Networks Begin to Reap Benefits from Dencun
After the Dencun upgrade and the deployment of EIP-4844, transaction gas fees on Ethereum's layer-2 have significantly decreased.
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After the Dencun upgrade and the implementation of EIP-4844, transaction gas fees on Ethereumās layer-2 networks have significantly decreased. This event was activated on the evening of March 13 and marks the first step in focusing on rollups and allowing the worldās second-largest cryptocurrency network to operate as a suitable database for layer-2 blockchains (L2).
Before the event took place, there were many analyses predicting that this Ethereum upgrade would reduce transaction fees (gas fees) on layer-2 networks to nearly zero. Dencun provides the necessary scale to support millions of users on L2, bringing more newcomers into the Ethereum ecosystem.
Indeed, as predicted, the fees recorded on L2 have decreased significantly after the event, even lower by up to 10 times compared to before Dencun.
Layer 2 Fee
Layer 2 Cost
According to analysis on Dune Analytics, the average transaction fee for Optimism is $0.05 USD; Base has an average transaction fee of $0.064 USD, while zkSync Era, which previously favored reducing gas fees for users, now has an average transaction fee of only $0.161 USD. These figures before Dencun often fluctuated around $0.5 to $1 USD when the Ethereum network experienced surges in activity and overload in recent times.
Related: Successful Deployment of Dencun Upgrade
Reduced gas fees post-Dencun through user experiences
Looking at the average fee level, we may not yet see clearly how many times the gas fees have been reduced before and after Dencun. Some experiences below will illustrate the impact post-Dencun:
The @0xCygaar account minted 999 ERC20 tokens on a test contract deployed on zkSync last year. In reality, the cost has decreased by about 10 times.
Cost before using blobs: $0.81 USD. Cost after using blobs: $0.08 USD.
Did a quick benchmark test to see EIP-4844 savings in action.
I minted 999 ERC20 tokens on a test contract I deployed on @zksync last year.
Cost pre-blobs: $0.81
Cost post-blobs: $0.08
Around a 10x reduction in fees š„ pic.twitter.com/w9Wg6U30gw
ā cygaar (@0xCygaar) March 13, 2024
On the Optimism side, gas fees have been minimized after the BedRock upgrade, and now, after integrating blobs, gas fees continue to be reduced even further.
How much do you think this @Optimism transaction will cost post-blobbification? Closest guess gets a lil hand-drawn NFT https://t.co/LgXN47q06n
ā smartcontracts.eth (āØš“_š“āØ) (@kelvinfichter) March 13, 2024
Base also quickly integrated blobs into its blockchain, reducing gas fees for a transaction by more than 600 times.
after 2 years of hard work, blobs are now live on @base
before: $0.31
after: $0.00 (but actually $0.0005)
wallets need to update to handle these cost reductions! pic.twitter.com/solIX9D4HM
ā Jesse Pollak (jesse.xyz) š”ļø (@jessepollak) March 14, 2024
Other layer-2s built on Optimismās OP Stack platform, such as Zora and Ancient8 Chain, also reported gas fees lower by several times compared to before March 13.
The gas cost of a Zora mint:
Before: $0.61
After: $0.0009
New era unlocked. pic.twitter.com/OMNE7mxAUr
ā jacob (@js_horne) March 14, 2024
Announcements from Layer-2
In addition, the most notable may be Starknet, after account X officially announced successful network synchronization with the Dencun upgrade and gas fees have decreased to around $0.01-0.04 USD. Previously, a single gas transaction on Starknet cost around $2 USD, sometimes rising to $7 USD during peak times.
gm blobs.
happy swapping pic.twitter.com/1vZH6K0xhJ
ā Starknet š¦š (@Starknet) March 13, 2024
Meanwhile, Arbitrum has not yet completed the Dencun update, so transaction fees have not changed. The project announced that the Dencun upgrade will be implemented on the evening of March 14.
Once the upgrade starts executing, we expect it will take an hour or two for blob transactions to begin posting and for new EIP-4844 pricing changes to begin to be seen.
ArbOS Atlas also introduces additional Arbitrum fee reductions for Arbitrum One. We expect this to beā¦
ā Arbitrum (š,š§”) (@arbitrum) March 13, 2024
However, the reduction in gas fees on layer-2 networks to low levels at the current time may be because Dencun has only been launched for less than 24 hours and there are still not many projects using blobs, so the situation may change when other platforms start using Ethereumās EIP-4844 in the future.
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Home > News
Published: 14/03/2024
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Author: Leexim
Solanaās Tensor Market Aims for NFT Growth
The Tensor Foundation introduces the $TNSR token for Solana's NFT market. Tensor protocols mark over $2 billion in NFT transactions.
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Solanaās ecosystem has recently witnessed a remarkable surge in transaction activity, particularly within its decentralized exchange (DEX) sector, where trade volume skyrocketed by 150%. This surge briefly propelled Solanaās network ahead of Ethereum. Adding to this momentum, a new development within the Solana NFT space has the potential to further elevate its NFT ecosystem.
The NFT marketplace Tensor, backed by the Solana Foundation, has unveiled plans to introduce its own governance token, $TNSR. This strategic move aims to decentralize decision-making processes within the community while also raising essential funds for the platformās expansion.
The recent introduction of $TNSR marks a significant milestone for the Tensor NFT marketplace, which recently achieved a notable feat by surpassing $2 billion in total transaction volume. Although specifics regarding the distribution of $TNSR tokens are yet to be disclosed, the community eagerly anticipates further announcements regarding this matter.
While the exact distribution mechanism remains undisclosed, itās anticipated that the Tensor Foundation will reserve a portion of $TNSR tokens for development, marketing initiatives, and ecosystem incentives. Such investments are vital for sustaining the projectās growth trajectory, which in turn could have a positive impact on Solanaās broader NFT ecosystem, known for its swift transaction speeds and minimal fees.
Related: NFTfi Raises $6 Million in Series A1
The Tensor Foundationās decision to build on Solana underscores the platformās robust underlying technology, specifically tailored to meet the evolving needs of a burgeoning digital asset landscape. Leveraging Solanaās scalable infrastructure, Tensor facilitates rapid NFT transactions with negligible fees, a factor crucial for attracting users and sustaining market growth.
Furthermore, Tensorās journey highlights the supportive environment fostered by Solana through its grant programs. Originating from a $70,000 grant secured after winning two Solana hackathons in 2022, Tensorās founders, Ilja Moisejevs and Richard Wu, kickstarted the company, laying the groundwork for its subsequent growth and success.
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