Contents
Ethereum L2 Blob Fees Surge Following Scroll Token Airdrop
Dencun Upgrade Leads to Initial Lowering of Ethereum Fees
Ethereum transaction fees experienced a significant reduction after the implementation of Blobs through the Dencun upgrade, leading to cost reductions across Layer 2 (L2) networks. However, recent activity has caused a surge in Blob fees, particularly due to the airdrop of a new L2 network token.
Third Spike in Blob Fees Since Upgrade
Data from Dune Analytics reveals that on October 22nd, Blob fees spiked to over $4, marking the third major surge since the Dencun upgrade. The rise was attributed to the airdrop of the Ethereum L2 network Scroll’s governance token, SCR, which resulted in a temporary increase in network activity.
Impact of Spike on L2 Networks
The Blob fee spike, driven by temporary network congestion from the airdrop, underscores how such events can introduce volatility in transaction fees. Despite occasional surges, Ethereum’s L2 networks consistently offer lower fees compared to the mainnet. The Dencun upgrade’s focus on cost reduction through Blobs has largely succeeded in keeping Ethereum L2 fees low, with the recent spike attributed to the high network activity surrounding the Scroll token airdrop.
Positive Trend in Ethereum Fees Post-Upgrade
Despite the temporary surge in Blob fees, Ethereum’s fees have generally remained low post Dencun upgrade, especially as more transactions migrate to L2 networks. According to data from Crypto Fees, the average daily fee in the past week hovered around $6.7 million, with a 24-hour fee of approximately $5.4 million. While congestion can still occur during major network events, Ethereum’s ongoing efforts to reduce costs benefit users by maintaining lower transaction fees overall.
Conclusion
The surge in Blob fees following the Scroll token airdrop highlights the need for continued monitoring of transaction fees on Ethereum’s L2 networks. Despite occasional spikes, the overall trend of lower fees post-upgrade showcases the efficacy of measures implemented to enhance cost efficiency for Ethereum users.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
