Following the recent Dencun upgrade and the implementation of EIP-4844, Ethereum's layer 2 network, Optimism, has seen a significant reduction in transaction fees. Users have reported transactions costing as little as $0.01 or less, with one user noting a fee of just $0.0004, and another highlighting a fee of less than $0.001. One particular transaction was reported with a fee of 0.000573 USD, underscoring the network's efficiency. This development marks a notable achievement in Ethereum's scalability, offering a stark contrast to traditional money transfer services like Western Union, which charge between $4 to $12 for a $200 transfer from the US to the Philippines. The average transaction fee on Optimism in the last hour was recorded at $0.05, with a median fee of $0.0038, highlighting the network's enhanced efficiency and affordability.
After the Dencun upgrade and the implementation of EIP-4844, the current L2 network transaction fees have dropped significantly. In the past hour (9:00-10:00 UTC+8), Optimismβs average transaction fee was $0.05 and the median fee was $0.0038; Base has an average transaction feeβ¦
Blobs just went live and you can send any amount of ETH on @Optimism OP Mainnet anywhere in the world right now for less than $0.001. Meanwhile, it costs $4-$12 to send $200 from the US to the Philippines with Western Union. Crypto is scaling. https://t.co/AoM9hQNIGg
I have just sent ETH on @Optimism for less than a cent, transaction fee was (at current prices) 0.000573 USD Think about this. Transactions secured by Ethereum, costing essentially zero β this is the dream, and it is now! We are so scaling! Thank you Dencun! https://t.co/SOoxXHHegf
Just did my first 10 transactions on @Optimism post-blobs. All had transaction fees of $0.01 or less. Scalable Ethereum has arrived.
Optimism just enabled 4844 a few min ago. From $0.32 to $0.0004 for a transaction! Will rise over time as blob congestion picks up; but looks incredible to see how cheap we can make Ethereum! https://t.co/2XmErvWbms