8 pictures to help you understand the new L2 battle situation opened after Dencun upgrade

Original author: River

As the most important milestone of Ethereum in 2024, the Dencun upgrade has been officially activated on the main network, and the most eye-catching one is The EIP-4844 proposal for carrying blob transactions has been introduced. For ordinary Web3 users, the most intuitive change it can bring is that the gas fees required for transactions and transfers on L2 will be significantly reduced.

You must know that as the Ethereum track with the most intense reshuffling, the competition in L2 has always been fierce. With the gradual development of each L2 Integration, who will benefit from the cost reduction and efficiency increase of Dencun upgrade? What impact will it have on the L2 landscape in the future?

Therefore, this article aims to use on-chain data 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 (staking improvements).

EIP-4844 is the cornerstone of this upgrade - it introduces a transaction model carrying Blobs, which means that in the future, L2 can choose not to use traditional calldata storage mechanism.

So what is a carry blob transaction? In short, it embeds large amounts of transaction data into blobs, thereby significantly reducing the storage and processing burden on the Ethereum mainnet.

This directly solves the L1 cost problem related to data availability, ensuring that the L2 platform can provide cheaper and faster transactions without affecting the Ethereum-based security and decentralization.

So to put it bluntly, the biggest change ofblob is L2 upload The data to L1 is changed 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 throughputIn addition, since the Rollup data will no longer Competing 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%. Under ideal conditions, it may even reach 99%.

Under the current situation of rising ETH price and high mainnet Gas, the cost of ETH transfer on L2 is around 0.5-1 US dollars, which means integrating EIP-4844 L2 is expected to reduce this cost to between US$0.005 and US$0.1. Of course, the actual cost is related to different L2 solutions, ETH price, Gas and other factors, and requires specific measurement.

But at the same time, this also creates a new problem, that is, blob storage is temporary and is available for 4,096 epochs, which is about 18 days.

However, projects such as OKLink, which have always been biased towards providing blockchain public products, have also successively announced that they will be responsible for securely storing all blob data to ensure the security of historical data. security and retrieval to support the healthy development of Ethereum and the L2 ecosystem, which can be regarded as a solution that combines cost and reliability.

8 pictures, panoramic insight into Dencun upgrade

Here, we combine OKLink’s  The data provided on the Dencun upgrade special page will be discussed in detail from which dimensions 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 fee on each L2 network. For L2 end users, cheaper deals are undoubtedly the most attractive key point.

As shown in the figure below, currently among the average handling fees of each L2 network before Dencun upgrade, the cost of the overall ZK Rollup system is significantly higher than that of Optimistic Rollup series:

Polygon zkEVM ranks first with $3.67, and zkSync Era leads the cheapest transaction cost with $0.39. Overall Look, the transaction costs of theOptimistic Rollup series are concentrated between US$0.41 and US$0.97, while those 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 fee of the previous ZK Rollup series L2 includes sending the proof to the Ethereum chain Verification is done on Dencun, and with the upgrade of Dencun, this cost will be significantly reduced.

Therefore, we can pay close attention to the impact on ZK Rollup user perception -Whether it actually allows users to perceive a significant reduction in handling fees and improve ZK Rollup Department L2 user attractiveness.

2.L2 daily transaction number

On this basis, the daily transaction number of each L2 The number of transactions has become the most intuitive data of "users voting with their feet".

OKLink data shows that except for Linea and zkSync, whose daily transaction numbers have exceeded 1 million, the daily transaction numbers of other L2 companies are between 8000 and 90 Wandering between ten thousand.

If the Dencun upgrade is completed, which L2 daily transaction number will increase first? And breaking 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 trading volume and L2 daily trading number The observation angle is the same. Currently, except for Arbitrum and zkSync, which maintain above 100,000 ETH on a daily basis, other L2s are far behind.

 

4.L2 TPS

Optimization of TPS It means developers have greater flexibility when building and deploying dApps, which is expected to lead to more complex, data-intensive applications, thereby attracting a wider user base.

Therefore, the impact of Dencun upgrade on each L2 TPS deserves special attention, especially on Polygon zkEVM (approximately 0.09 transactions/second) and Manta Pacific (approximately 0.5 transactions/second). / second) and other TPS bases are low in L2:

Compared with Arbitrum, zkSync  and other TPS of more than 10 transactions/second,even if they are of the same order of magnitude The improvement may be several times or even dozens of times worse, and it also depends on whether it can expand consumer application scenarios that support high throughput and low transaction costs.

5.L2 Address Overview

In the overview of each L2 address, the 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 of all, 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.

The data in this dimension can directly be seen The attractiveness of each L2 to the ETH stock of the Ethereum main chain after the Dencun upgrade - attraction As the attractiveness decreases, the number of TVBs will most likely decrease.

From the perspective of L2’s internal competition, it may be a zero-sum state of ebb and flow. Of course, if the whole is growing, then This shows that the Dencun upgrade has significantly improved the overall attractiveness of L2, thereby attracting Ethereum main chain users to migrate ETH to L2.

7.L2 TVL

At present, the TVL of Arbitrum and Optimism is almost discontinued in all L2, so If anyone can seize the opportunity of this Dencun upgrade and attract more users and funds, they may be able to complete a leap.

 

8.L2 Coin Price

All of the above Changes in dimensional data 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.

L2’s new battle has just begun

In general, for us ordinary users, the Dencun upgrade’s subsequent disruption to the L2 track competition pattern is far from the end, but the beginning of a new battle.

Times have changed. Now with the start of a new cycle, the burning L2, combined with the Dencun upgrade to further reduce costs and TPS, means that many people have been affected by it before. Use cases such as limited on-chain derivatives can be gradually implemented, so it is not impossible to spawn 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 making the Ethereum ecosystem more efficient. Capabilities support a wider range of applications and services, thereby attracting a wider user base.

Who will be the biggest winner?

We don’t know yet, but by using data tools to continuously track and fully grasp the data changes on the chain corresponding to L2, it may be possible to deeply participate in the new pattern of L2. changes and seize potential layout opportunities to profit from them.