🚀 Ethereum Fees Set to Rise Amid Layer-2 and Blob Activity Surge
Ethereum’s network revenues are on the verge of a recovery as activity surges on layer-2 (L2) scaling solutions, driving up the demand for mainnet data storage. According to Dune Analytics, L2s have been submitting over three times more transaction data daily to the Ethereum mainnet in November compared to March.
The network’s revenues had previously dropped by up to 95% following the March Dencun upgrade, which shifted L2 transaction data to offchain “blobs” to reduce user costs. Matthew Sigel, VanEck’s head of digital asset research, noted, “ETH fees were weak due to lack of blob revenues as L2s have not filled available capacity.”
Sigel added that activity is now picking up, with L2 networks like Base, Scroll, and World Chain contributing to increased transaction data, signaling potential growth in Ethereum fees.
