Based on EIP-4844 support after Dencun upgrade, expected to reduce transaction fees by 10 times
Posted: March 8, 2024 2:28 AM Updated: March 8, 2024 2:28 AM
Correction and fact check date: March 8, 2024, 2:28 AM
briefly
Base has announced plans to provide support for Dencun, including Dencun, once EIP-4844 is finalized to reduce network fees.
Base, the Ethereum Layer 2 scaling solution, has announced plans to provide support for upcoming Dencun upgrades, including the highly anticipated EIP-4844 to reduce network fees.
The introduction of Dencun on Ethereum is expected to significantly reduce fees for Layer 2 users. Base’s projections estimate this reduction will be more than 10-fold, with rollups in particular expected to benefit from this development. “Base will provide first line support for the Dencun upgrade, which is expected to reduce user fees by 10 to 100 times through increased data availability for rollups,” Base said in a written statement.
Additionally, this upgrade is expected to improve transaction speeds and cost-efficiencies, making decentralized applications more accessible in a variety of areas, including on-chain gaming and order book exchange restrictions. Similar expectations of reduced fees after upgrading to Dencun have been seen in other layer 2 projects, including Polygon, zkSync, and Arbitrum.
Base, an incubated project of cryptocurrency exchange Coinbase, is designed to expand its on-chain user base with plans to gradually transition to decentralization. The platform is built on the Bedrock release of the OP Stack, developed in collaboration with Optimism.
Dencun upgrade improves data availability and releases EIP-4844
The Dencun upgrade, scheduled for March 13, will introduce fixes aimed at improving data availability. Incorporating the much-anticipated proto-danksharding functionality from EIP-4844, this upgrade introduces technical enhancements such as “BLOB” transactions and temporary storage.
Blobs within Layer 1 blocks can be used as an add-on to improve data availability on Ethereum without disrupting current infrastructure, enabling more cost-effective transactions in Layer 2 scaling solutions. An independent fee market exists for blobs, so costs remain low even during periods of increased network congestion.
There are follow-up plans for Ecotone OP stack upgrades after deploying this upgrade on mainnet. This upgrade aims to extend the benefits to the Optimism Superchain ecosystem, including other participants such as Base and Mode, Zora, Aevo, and Fraxtal.
“We are very excited to bring this important upgrade to mainnet and to work with OP Labs, the Ethereum Foundation, and other Ethereum core development teams to make it happen,” Base said in a written statement. “Base will continue to contribute to the next phase of danksharding and optimize the OP stack to continue reducing costs,” the project added.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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