Original author: River
As the most important milestone of Ethereum in 2024, the Dencun upgrade has been officially activated on the main network. The most eye-catching one is the introduction of the EIP-4844 proposal that carries blob transactions. For us ordinary Web3 users, what it can bringThe most intuitive change is that the gas fees required for transactions and transfers on L2 will be significantly reduced.
You know, as the Ethereum track with the most intense reshuffling, L2 competition has always been fierce. With the subsequent gradual integration of L2, who will benefit from the cost reduction and efficiency increase of Dencun upgrade? What impact will it have on the L2 structure in the future?
Therefore, this article aims to use OKLink to launchDencun upgrade special page, trying to get a glimpse of the dimensions from which changes in the L2 competitive landscape can be monitored, and to capture potential signals in a timely manner.
How will the Dencun upgrade affect L2?
Dencun upgrade contains multiple EIP proposals, the core contents of which are EIP-4844, EIP-1153 (temporary storage), EIP-5656 (MCOPY operation code), EIP-6780 (SELFDESTRUCT operation code), EIP-7044/7055 (pledge) Improvement) these 5 proposals.
Among them, EIP-4844 is the cornerstone of this upgrade-it introduces a transaction model carrying Blobs, which means that L2 can choose not to use the traditional calldata storage mechanism in the future.
So what is a carry blob transaction? In short, it isEmbedding large amounts of transaction data into blobs can significantly reduce the storage and processing burden on the Ethereum mainnet.
This directly solves the L1 cost problem related to data availability and ensures that the L2 platform can provide cheaper and faster transactions without affecting the security and decentralization based on Ethereum.
So to put it bluntly, the biggest change in blob isThe data uploaded by L2 to L1 changes from the permanent storage of calldata to the temporary storage of Blob, so it is expected to reduce the Rollup cost by 10-50 times (still to be determined) and increase the transaction throughput., In addition, since Rollup data will no longer compete for normal block space, the cost of other L1 transactions should also be reduced.
From a data perspective, after EIP-4844, it is expected that the L1 part of the transaction cost of Ethereum L2 will be reduced by about 50% -90%, and may even reach 99% under ideal conditions.
In the current situation of rising ETH prices and high mainnet Gas, the cost of ETH transfer on L2 is around 0.5-1 US dollars, which means that L2 integrating EIP-4844 is expected to reduce the cost to between 0.005-0.1 US dollars. Of course, The actual cost is related to different L2 solutions, ETH price, Gas and other factors, and requires specific calculation.
But at the same time, this also creates a new problem, that is, blob storage is temporary and is available for 4,096 epochs, or about 18 days.
However, projects like OKLink, which have always been biased towards providing blockchain public goods, have also successively announced that they will be responsible for securely storing all blob data and ensuring the security and retrieval of historical data to support the healthy development of the Ethereum and L2 ecosystems. , which can be regarded as providing a solution that combines cost and reliability.
8 pictures, panoramic insight into Dencun upgrade
Here, we will combine the data provided by OKLinks Dencun upgrade special page to discuss in detail the dimensions from which we can monitor the actual improvement effect and direct impact of the subsequent Cancun upgrade on each L2.
1.L2 handling fee
The first is naturally the handling fees on each L2 network. For L2 end users, cheaper transactions are undoubtedly the most attractive key point.
As shown in the figure below, among the current average handling fees of each L2 network before Dencun upgrade, the cost of the overall ZK Rollup series is significantly higher than that of the Optimistic Rollup series:
Among them, Polygon zkEVM ranked first with $3.67, and zkSync Era led the cheapest transaction cost with $0.39. Overall,The transaction costs of the Optimistic Rollup series are concentrated between US$0.41 and US$0.97, while the transaction costs of Starknet, Scroll, etc. are generally more than US$1.5, which is generally more than double the price.
You must know that the total transaction cost of the ZK Rollup series L2 previously included sending the proof to the Ethereum chain for verification. With the Dencun upgrade, this cost will drop significantly.
Therefore, we can pay close attention to the impact on the ZK Rollup user perception side - whether the user perception fee is substantially reduced and the user attractiveness of the ZK Rollup series L2 is enhanced.
2. L2 daily transactions
On this basis, the daily transaction number of each L2 becomes the most intuitive data of users voting with their feet.
OKLink data shows that currently, except for Linea and zkSync, whose daily transaction numbers exceed 1 million, the daily transaction numbers of other L2 companies are hovering between 8,000-900,000.
If the Dencun upgrade is completed,Which L2s daily transaction number is the first to surge and break through the original bottleneck means that the EIP-4844 upgrade directly affects the corresponding solution and therefore benefits from it.。
3.L2 daily trading volume
L2 daily transaction volume and L2 daily transaction number are observed from the same perspective. Currently, except for Arbitrum and zkSync, which maintain above 100,000 ETH on a daily basis, other L2s are far behind.
4.L2 TPS
The optimization of TPS meansDevelopers have greater flexibility in building and deploying dApps, which is expected to lead to more complex, data-intensive applications that will appeal to a wider user base.
Therefore, the impact of the Dencun upgrade on each L2 TPS deserves special attention, especially on L2s with low TPS bases such as Polygon zkEVM (approximately 0.09 transactions/second) and Manta Pacific (approximately 0.5 transactions/second):
Comparing TPS with more than 10 transactions/second such as Arbitrum and zkSync, even if it is an improvement of the same order of magnitude, the effect may be several times or even dozens of times worse, which also depends on whether it can expand to support consumers with high throughput and low transaction costs. Application scenarios.
5.L2 Address Overview
In the overview of each L2 address, changes in the number of contract addresses are directly related to the practicality and influence on ecological projects and partners.
The total number of active addresses indicates whether it can continue to attract a diverse user group and attract more incremental users through this upgrade.
6.L2 TVB
First, let’s clarify the definition of TVB, which mainly refers to the amount of ETH transferred from Ethereum to each L2 every day. The data of the previous day is updated at 00:00 every morning.
From this dimensional data, we can directly see the attractiveness of each L2 to the ETH stock of the Ethereum main chain after the Dencun upgrade——As the attraction increases, the number of TVBs will obviously increase; as the attraction decreases, the number of TVBs will most likely decrease.
Judging from the internal competition of L2, it may be a zero-sum state of ebb and flow. Of course, if the whole is growing, it means that the Dencun upgrade will significantly increase the overall attractiveness of L2, thus attracting Ethereum main chain users to ETH has been migrating to L2.
7.L2 TVL
At present, the TVL of Arbitrum and Optimism is almost discontinued in all L2s. Therefore, if anyone can seize the opportunity of this Dencun upgrade and attract more users and funds, they may be able to complete a jump.
8.L2 currency price
All changes in the above dimensional data will ultimately affect the actual performance of currency prices. Whoever can be far ahead in the performance of the secondary market after the Dencun upgrade will undoubtedly be the biggest winner.
The new battle of L2 has just begun
In general, for us ordinary users, the Dencun upgrades subsequent disruption to the L2 track competition pattern is far from the end, but precisely the beginning of a new battle.
Times have changed, and now with the start of a new cycle, the burning L2, coupled with the Dencun upgrade to further reduce costs and TPS, means that many previously restricted on-chain derivatives and other use cases can be gradually implemented If it is realized, it is not impossible to give birth to a new round of DeFi Summer.
In particular, the data changes in the above dimensions pave the way for higher transaction throughput and enhanced scalability, directly enabling the Ethereum ecosystem to support a wider range of applications and services, thereby attracting a wider user base .
Who will be the biggest winner?
We don’t know at the moment, but by using data tools to continuously track and fully grasp the changes in on-chain data corresponding to L2, we may be able to deeply participate in the new pattern changes of L2 and seize potential layout opportunities to profit from them.
