Ethereum Layer 2 Fees Drop From $0.31 to $0.0005 (Here’s What That Means for Web3)
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On Wednesday, the Ethereum mainnet was upgraded — and thus far, it is trying prefer it was a mighty success!
Which makes us suppose this improve might be an enormous catalyst for Web3 mass adoption.
Hear us out:
The Dencun improve allowed for Layer 2’s (aka L2’s, aka quicker n’ cheaper blockchains constructed on high of the Ethereum community) to maneuver knowledge extra effectively, and in flip decrease their prices/enhance their velocity much more.
Now — not all L2’s had the tech to reap the benefits of this improve but, however those who did have already been fist bumping about their successes.
For instance:
Charges on the ‘Base’ L2 dropped from $0.31 to $0.0005, after the improve.
And decrease costs open the flood gate for innovation.
Consider it like this: If the Ethereum mainnet is an iPhone, the layer 2’s are the apps you obtain.
When it grew to become straightforward/low-cost to create, add and set up apps — two issues occurred:
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Extra individuals began making apps and sharing their concepts.
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Extra individuals bought iPhones to make use of mentioned apps (onboarding them into the Apple ecosystem within the course of).
So with charges dropping to under the price of a penny, extra individuals will choose to check and innovate on Ethereum.
And because the tech turns into extra streamlined, extra individuals can come to play.
Very cool!
