Arbitrum will reduce Layer-2 fees by 10x; Ethereum’s scalability improved.
Ethereum Layer-2 scaling solution Arbitrum will significantly reduce user transaction costs starting March 18, opening a new era of affordable Layer-2 transactions.
Offchain Labs, the team behind Arbitrum, revealed in a statement that the upcoming upgrade called "Atlas" will reduce the network's base gas fee from 0.1 Gwei to just 0.01 Gwei, a reduction of ten times.
Layer-2 upgrade drives Ethereum scalability revolution
Thanks to this new update, Arbitrum's operating system ArbOS now supports binary large object (blob) transactions. These transactions make it cheaper to send data from Arbitrum’s Layer-2 chain to the Ethereum mainnet.
With this upgrade, operations that previously cost about $0.50 now only cost users about $0.05.
In addition to Arbitrum, other Layer-2 solutions are now even better thanks to recent network upgrades. Since Ethereum’s long-awaited Dencun update went live earlier this month, gas fees for Optimism and Base have also dropped significantly. According to the Layer-2 Gas price of platform data tracking L2Fees, Base’s gas dropped from $0.31 to just $0.0005, while Optimism’s transaction cost was less than $0.01.
Among them, the Dencun upgrade, including the key EIP-4844 improvement proposal, is a game changer for Ethereum scalability. EIP-4844 paves the way to increase throughput and reduce Layer-2 operational costs by introducing a new transaction type specifically for blob data. #Arbitrum #L2
