Cancun upgrade and EIP-4844 were officially activated on the Ethereum mainnet last night. EIP-4844, also known as Protodanksharding, utilizes a new data structure called “blob” to reduce the cost of publishing L2 data to Ethereum, thereby lowering L2 fees. Many L2 networks have already deployed updates and switched to blob, resulting in significant reductions in transaction fees for L2 networks.
The main L2 networks known to have completed the update and switched to blob include OP Mainnet, Starknet, Base, Zora, and zkSync. According to data from fees-growthepie, the median transaction fees for L2 networks that have completed the switch have decreased significantly by 99% (excluding zkSync).
The median transaction fees for Zora have decreased from 0.6 to 0.001 USD.
The median transaction fees for Base have decreased from 0.55 to 0.004 USD.
The median transaction fees for Starknet have decreased from 1 to 0.02 USD.
The median transaction fees for OP have decreased from 0.5 to 0.006 USD.
The median transaction fees for zkSync have decreased from 0.2 to 0.096 USD.
On the other hand, other networks such as Arbitrum and Linea have not yet completed the switch to blob. Arbitrum is expected to implement the upgrade tonight (14th) at 9:41 PM.
