Ethereum's Layer 2 networks, particularly Arbitrum, have seen significant advancements in reducing transaction fees, achieving near-zero gas fees of approximately $0.07, and enhancing user experience. Layer 2 activity has reached all-time highs while fees have dropped to all-time lows, signaling Ethereum's successful scaling efforts. Arbitrum has implemented Phase 2 of ArbOS Atlas, further reducing the Arbitrum One gas fees through lower fee floors and blob savings. This reduction has made transactions on the network considerably cheaper, with fees dropping by another 80%, allowing for transactions to cost as little as $0.01 (0.000004 ETH). These developments have made engaging in on-chain activities, such as participating in decentralized finance (DeFi) platforms, more accessible and cost-effective for retail investors. The implementation of proto-danksharding blobs (EIP-4844) on Arbitrum has also significantly reduced the cost of minting NFTs, by approximately 80 times, further demonstrating the efficiency improvements within Ethereum's Layer 2 ecosystem.
π Proto-danksharding blobs (EIP-4844) are now live on Arbitrum! What does this mean for you? A huge reduction in the gas it costs to mint NFTs - around 80x! Now, it only costs $0.011 in gas to mint an NFT from The Lab π§ͺ #ARTonARB https://t.co/Zgcsj17KnZ
Ethereum L2s have reduced fees by ~80x in some cases and now have better UX than some of the most popular alt-L1s and with transactions which actually go through consistently you'd be a fool to think this wasn't a gamechanger as this cycle has barely started from a retailβ¦
Now that market has sobered up some, some thoughts: -L2 experience is now much better post Dencun. Obvious if you try -Solana experience has degraded. Lots more failed txs. Fee markets still very broken. Hope the changes they're pushing in a couple weeks make a difference. TBD⦠https://t.co/YXfuRtePO8
Exciting times in the world of Ethereum L2s! The blobs have landed on @arbitrum making transactions basically free. π Fun fact: Art Blocks Engine powered the minting experience for @ProhibitionArt, the first open generative art platform built on Arbitrum. https://t.co/oq9ZQlrYTr
Oh and fees just hit the floor, aka even more capacity now on Arbitrum One π«‘ https://t.co/zrkppXI2mr https://t.co/46PNxrV9UD
oh man transacting on Arbitrum has just become so much more convenient, 0.X cents for something that stil cost 20-40c yesterday.
Wow layer 2s eating https://t.co/ttMZkunzJp
2 hours ago, @arbitrum's gas fee dropped by another 80%. Now you only need 0.000004 ETH (about $0.01) to complete a transaction on this chain. This is fucking insane man! https://t.co/2DNZlcLjmN https://t.co/GgEv4AbGbz
Amazing to see @arbitrum achieving a near 0 #gasfee! Thanks for sharing fren @Larvandweb3 βοΈ Epic! https://t.co/LBDG6u5vn1
Some good news: fees on Arbitrum just got lower! (again!) Arbitrum users eating good tonight https://t.co/VISoNPjBJ2 https://t.co/v8JN2QBIAe
Another round of gas savings, you say?! Phase 2 of ArbOS Atlas is now live and the Arbitrum One gas fees have been further reduced! β½οΈ 1οΈβ£Β Lower fee floor, lower average fees 2οΈβ£Β Stacks with blob savings More below π
.@arbitrum has nearly achieved a 0 gas fee (β$0.07), which is unprecedented for enhancing capital efficiency. For example, a retail investor with only 0.1 ETH can still participate in LRTfi without any worries. Before this, could you imagine engaging in on-chain activitiesβ¦ https://t.co/w10d9wXwEj https://t.co/XaHH7e9VF0
Keep in mind that @arbitrum still has another fees reduction coming between today and tomorrow! ππ§‘πͺ https://t.co/u7ZlIlUFd1
Layer 2 activity at all time highs while layer 2 fees are at all time lows. Ethereum is scaling! https://t.co/TpqGQbKUlK