💥 Fee reduction statistics after the Dencun Ethereum upgrade
1. Fee reduction: 🔥
Layer 1: Gas fees on Ethereum Layer 1 did not drop significantly after Dencun. However, the implementation of EIP-1559 has helped stabilize gas charges and minimize volatility.
Layer 2: Gas fees on Layer 2 solutions drop significantly after Dencun. According to IntoTheBlock statistics:
DEX Swap:
Arbitrum: down from $2.02 to $0.45
Optimism: down from $1.42 to $0.15 -$0.28
Base: down from $0.58 to $0.01
Bridge: Hop Protocol: down from $0.43 to $0.16
Synapse: down from $0.38 to $0.14
2. Reasons for fee reduction: EIP-4844: Introduces data "blobs" that reduce the cost of storing data on Ethereum, resulting in reduced gas fees for Layer 2 networks.
Competition: The demand for Layer 2 is increasing due to competition between Layer 2 solutions such as Arbitrum, Optimism, StarkNet, zkSync ,...
3. Impact:
User acquisition: Lower fees attract more new users to the Ethereum ecosystem.
Incentivizing activity: Reducing transaction costs encourages users to perform more activities on Ethereum, such as trading, swapping tokens, participating in DeFi,...
Ecosystem development: Low fees drive the development of new projects on Ethereum, especially GameFi and NFT projects.
4. Future: Fees: Gas fees on Ethereum may continue to decrease in the future as other scaling solutions are implemented, such as sharding.
Layer 2: Layer 2 will play an important role in scaling Ethereum and reducing gas fees for users. Ecosystem: The Ethereum ecosystem is expected to continue to grow strongly thanks to the reduction in gas fees after Dencun.
Note:
Gas rates may fluctuate depending on demand for the network.
It's important to keep a close eye on Ethereum updates to catch changes in gas fees.
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