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 and thus lower L2 fees. Many L2 networks have already deployed updates and switched to blob, resulting in a significant reduction 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%, except for zkSync.
The median transaction fee for Zora has decreased from 0.6 to 0.001 USD.
The median transaction fee for Base has decreased from 0.55 to 0.004 USD.
The median transaction fee for Starknet has decreased from 1 to 0.02 USD.
The median transaction fee for OP has decreased from 0.5 to 0.006 USD.
The median transaction fee for zkSync has 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 scheduled to implement the upgrade tonight (14th) at 9:41 PM.
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