Base Set to Champion EIP-4844 After Dencun Upgrade, Predicts Up to 100 Times Drop in Transaction Fees

Ethereum Layer 2 scaling solution, Base The team indicated plans to back the upcoming Dencun upgrade, which incorporates the eagerly awaited EIP-4844, with an objective to reduce transaction fees significantly on the network.

The introduction of Dencun Ethereum users can expect a substantial decline in transaction costs for Layer 2 solutions post-Dencun upgrade. Base estimates these reductions could reach over tenfold, especially benefiting rollup technologies. In their official statement, Base expressed, 'We will provide immediate support for the Dencun upgrade, anticipated to slash user fees by 10-100 times through enhanced data availability for rollups.'

Moreover, this upgrade is set to boost transaction speeds and cost-efficiency, thereby making decentralized applications more user-friendly in various sectors, including on-chain gaming and order book exchanges. Other Layer 2 platforms like Polygon and zkSync share similar optimistic forecasts following the Dencun upgrade. Arbitrum .

Base, a project cultivated by a leading cryptocurrency exchange, is designed to broaden on-chain user engagement, with intentions to shift toward a decentralized model over time. The platform relies on Bedrock, a framework developed in collaboration with Optimism. Coinbase Dencun Upgrade Set to Innovate Data Availability and Launch EIP-4844 OP Stack Slated for March 13, the Dencun upgrade seeks to implement enhancements focused on data availability. This upgrade will incorporate the highly anticipated proto-danksharding functionality via EIP-4844, introducing advanced features like 'blob' transactions and transient storage, among other improvements.

Within Layer 1 blocks, blobs act as a supplemental feature that boosts Ethereum's data availability without disrupting the existing infrastructure, leading to cheaper transaction costs across Layer 2 scaling solutions. An independent fee market for blobs ensures that fees remain manageable, even during periods of heavy network use.

Post-upgrade deployment on the mainnet, a follow-up Ecotone OP Stack upgrade is planned. This phase aims to extend its benefits to the Optimism Superchain ecosystem, which includes Base and other platforms like Mode and Zora.

"We are thrilled to see this significant upgrade rolling out on the mainnet, working alongside OP Labs, the Ethereum Foundation, and other key Ethereum development teams to realize this vision,\" Base expressed in a statement. They also noted, \"Base will persist in supporting the next stages of danksharding and optimizing the OP Stack to further reduce costs.\"

Please be advised that the details provided here are not to be construed as legal, financial, investment, or any other form of advice. It's crucial to only invest what you can afford to lose and to seek independent financial counsel if needed. For more information, we recommend reviewing the terms and conditions along with the help and support sections from the provider or promoter. MetaversePost is dedicated to delivering precise and impartial reporting, yet market conditions can fluctuate without prior notice. Aevo , and Fraxtal.

Alisa, a committed journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive Web3 landscape. With an instinctive flair for spotting emerging trends and technologies, she provides insightful content to keep readers informed and engaged in the ever-changing realm of digital finance.