The Ethereum Layer 2 Base Team to Support Dencun Upgrade and EIP-4844
The team at Ethereum Layer 2 Base has announced its support for the upcoming Dencun upgrade from day one. This includes full support for the highly anticipated EIP-4844, which aims to reduce fees on the Ethereum network. The implementation of Dencun is expected to significantly lower fees for users of Layer 2s, with estimates suggesting a reduction of over ten times. This will particularly benefit rollups, which are a type of Layer 2 solution.
Enhancing Data Availability with Dencun
The Dencun upgrade, scheduled for March 13, will introduce changes that enhance data availability on the Ethereum mainnet. This upgrade will be closely followed by the Ecotone OP Stack upgrade, which will extend its benefits to the Optimism Superchain ecosystem. Base is a part of this ecosystem, along with projects like Mode, Zora, Aevo, and Fraxtal.
Day 1 Support for Dencun Upgrade
The team at Base has announced that they will provide day one support for the Dencun upgrade. They expect this upgrade to drive down fees for users by 10-100x through increased data availability for rollups. By enhancing data availability within Layer 1 blocks, the Dencun upgrade will enable cheaper transactions across Layer 2s.
EIP-4844: Introducing โBlobsโ
EIP-4844 introduces a new concept called โblobsโ within Layer 1 blocks. These blobs serve as an additive feature that increases Ethereumโs data availability without impacting the existing infrastructure. As a result, transactions across Layer 2s become cheaper. The introduction of an independent fee market for blobs ensures that costs remain low, even during periods of high network congestion.
Faster and Cheaper Transactions
The team at Base also highlighted that the Dencun upgrade will make transactions faster and cheaper. This improvement will benefit decentralized applications in various areas, such as on-chain gaming and limit order book exchanges. Other Layer 2 projects, including Polygon, zkSync, and Arbitrum, have made similar projections regarding reduced fees after the implementation of Dencun.
Hot Take: Dencun Upgrade to Bring Lower Fees and Enhanced Accessibility
UPDATED: March 8, 2024, 1:44AM EST
The upcoming Dencun upgrade on Ethereumโs Layer 2s is set to bring several benefits to users. With the support of the Ethereum Layer 2 Base team, this upgrade aims to reduce fees on the network and enhance data availability. Hereโs what you need to know:
Lower Fees for Layer 2 Users
- The implementation of Dencun is expected to reduce fees for users of Layer 2s.
- Ethereum Layer 2 Base estimates a reduction of over ten times in fees.
- This will particularly benefit rollups, which are a type of Layer 2 solution.
Dencun and Ecotone Upgrades
- The Dencun upgrade is scheduled for March 13 on the Ethereum mainnet.
- It will enhance data availability, making transactions faster and cheaper.
- The Ecotone OP Stack upgrade will follow, extending benefits to the Optimism Superchain ecosystem.
- Projects like Base, Mode, Zora, Aevo, and Fraxtal are part of this ecosystem.
Day 1 Support from Ethereum Layer 2 Base
- Ethereum Layer 2 Base will provide day one support for the Dencun upgrade.
- This support is expected to drive down fees for users by 10-100x through increased data availability for rollups.
EIP-4844: Introducing โBlobsโ
- EIP-4844 introduces a new concept called โblobsโ within Layer 1 blocks.
- These blobs increase Ethereumโs data availability without impacting the existing infrastructure.
- An independent fee market for blobs ensures low costs even during high network congestion.
Improved Accessibility for Decentralized Applications
- The Dencun upgrade will make transactions faster and cheaper, benefiting decentralized applications.
- On-chain gaming and limit order book exchanges are among the areas that will experience enhanced accessibility.
With the Dencun upgrade on the horizon, users can look forward to lower fees and improved transaction speeds on Ethereumโs Layer 2s. This will open up new possibilities for decentralized applications and make them more accessible to a wider audience. Stay tuned for the upcoming Dencun upgrade and its positive impact on the Ethereum ecosystem!
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.