Cancun upgrade opens an era of fee reduction. How to fully explore Ethereum and L2 ecology through OKX Web3 wallet?

Author: 0xming

On March 13, according to OKLink data, Ethereum officially activated the Dencun upgrade at block height 269568, entering the Layer 2 low-cost era. After cost reduction and efficiency improvement, can Ethereum return as the king?

Ethereum was officially launched on July 30, 2015, ushering in a new era of smart contracts. Due to the prosperity and development of on-chain applications such as DeFi and NFT Summer, it is also due to the high-performance public chains such as Solana. Low Gas competition and the siphon effect of the Bitcoin ecosystem are a bit lonely. Although Ethereum tried to turn around the situation through version 2.0, due to the long and complicated technical iteration process, platform performance was always unsatisfactory in the short term, and high Gas fees became one of the key reasons for user transfer.

The huge pressure of Ethereum congestion directly promotes L2’s grand narrative. Vitalik Buterin began to support various scalability solutions. He profoundly wrote in the article, "Without the development of Layer 2 and Rollup, Ethereum will fail due to high transaction costs." How to solve the "expensive and blocked" performance problem has become the core theme of Ethereum's current development. According to OKLink data, the L2 ecosystem TVL continues to rise, and the total L2 ecosystem TVL has reached 38.31 billion US dollars.

Mainstream L2 solutions such as Arbitrum and Optimism all share the security of Ethereum. Although the calculation is transferred off-chain, the data will be processed by Ethereum nodes and permanently stored on the expensive chain. These costs will eventually are transferred to the users. Therefore, L2 relieves Ethereum transaction pressure and reduces Gas to a certain extent, but compared to Web2 users who have adapted to free use, L2 has an effect, but its effect is limited.

The success of the Cancun upgrade has officially opened the era of L2 fee reduction, which will inject new vitality into the L2 ecosystem and Ethereum. On March 15, according to OKLink data, after the Cancun upgrade, the handling fees of L2 networks such as Starknet and OP dropped by more than 90%, and their active addresses, TPS, etc. have significantly improved. As the industry's leading one-stop Web3 portal, OKX Web3 wallet now fully supports Ethereum and L2 ecology, providing an important foundation for users to better explore the world on the chain.

Data source: OKLink

Understanding the Cancun upgrade

The Dencun upgrade is The abbreviation of the two upgrades of Ethereum execution client Cancun and consensus client Deneb. The community is accustomed to using Cancun upgrade to refer to Dencun upgrade. The core purpose is to optimize the user's Ethereum staking experience while achieving L2 cost reduction and efficiency improvement. The Cancun upgrade includes a total of 9 Ethereum improvement proposals EIP including EIP-1153, EIP-4788, EIP-4844, EIP-5656, EIP-6780, EIP-7044, EIP-7045, EIP-7514 and EIP-7516. , the most core of which is the EIP-4844 proposal, namely Proto-Danksharding.

The EIP-4844 proposal is the basis for the complete version of sharding expansion Danksharding. It introduces a new data storage structure Blob to Ethereum, which will be specially used to store transaction data submitted by L2 to Ethereum. It is no longer needed. Compete for Calldata's storage space, making user transaction fees cheaper and the transaction experience more efficient.

In the context of the conflict between Ethereum's prosperity and high Gas, competing for limited block resources has caused it to become inefficient, congested, and expensive, and has been criticized by the market. Previously, all transactions of Ethereum L2 were stored in Ethereum's Calldata, but the space of Calldata is limited and the data stored in it will be processed by Ethereum nodes and permanently stored on the chain. It is reported that 80% of the transaction costs and gas of the L2 network come from Calldata data storage costs. Blob significantly reduces L2 data storage costs and achieves higher transaction throughput by creating additional temporary data storage space on Ethereum.

According to OKLink data, current mainstream L2s such as Arbitrum, Optimism, Starknet, and Base have integrated EIP-4844, and their network gas has dropped by more than 90%. More data can be viewed by clicking on the link.

Data source: OKLink

But it is worth noting that the data storage of Blob is temporary and its available time is 4,096 Epochs , that is approximately 18 days. What Ethereum needs to ensure is real-time data availability rather than data retrieval. The value and significance of permanently storing transaction data is not high. Blob clearing data regularly can save storage space, which overall helps Ethereum maintain its core competitiveness. The public chain track maintains or even captures more market share.

However, some of the data discarded by the Blob still has potential value, such as preventing nodes from doing evil, rug the public chain operator, and helping to establish an escape hatch mechanism or forced withdrawal mechanism, etc. For this reason, OKLink will It is responsible for securely storing all blob data, ensuring the security and retrieval of historical data to support the healthy development of the Ethereum ecosystem, and can provide services to individuals and public chain teams who have needs for blob data at any time.

In addition, EIP-4844 will introduce a new fee market for Blob, which is more conducive to maintaining better prices. The introduction of the data storage structure Blob will help Ethereum L2 significantly reduce costs on the existing basis. For example, zkSync is the first L2 to use Blob, and its sorter cost is reduced by about 88%. The actual gas fee of Starknet is as low as 0.01 US dollars, etc., but The actual situation depends on various factors of L2 itself. In addition, it will help speed up L2 transactions by 10 times or even 100 times. Of course, in addition to EIP-4844, this upgrade also includes EIP-1153, EIP-6780, etc. In short, the Cancun upgrade can encourage more trading activities and support the ecological development of L2 and Ethereum in the long term.

How to fully explore Ethereum and L2 ecology through OKX Web3 wallet?

After the Cancun upgrade, users can use very low-cost GAS for on-chain transactions. As an industry-leading one-stop Web3 portal, OKX Web3 wallet now fully supports Ethereum and L2 ecology, providing It provides an important foundation for users to better explore the world on the chain.

Currently OKX Web3 provides complete Ethereum and Ethereum second-layer ecological support, and has been the first to connect to mainstream L2 networks such as Blast, Optimism, Arbitrum, Starknet, zkSync Era, Manta Pacific, etc. Users do not need to manually configure. You can switch to these networks with one click for corresponding currency management.

In order to improve capital efficiency, users can interact with the Ethereum re-pledge protocol through the OKX DeFi section. The concept of "re-pledge" was first proposed by Eigenlayer, which allows users to pledge in The ETH of the Ethereum mainnet is once again pledged on other consensus protocols through Eigenlayer. Not only can these protocols share Ethereum security, but users can also receive additional rewards. The "Re-Staking Earn Token Activity" launched by OKX Web3 DeFi has now been integrated into various types of re-staking protocols to provide users with additional points or token rewards. By “re-staking ETH”, “liquidity staking” or “liquidity re-staking”, users can receive additional rewards. For example, you can get an extra 30% points bonus by participating in Kelp, an extra 10% points bonus by participating in Renzo, and up to a 20% interest rate increase, etc. Click the link to participate immediately.

Users can exchange Ethereum and L2 assets and cross-chain through OKX DEX, enjoy the best liquidity on the chain, the best price, and 0 transaction service fees, and easily trade any assets. OKX DEX currently supports multiple Ethernet layer 2 networks, such as Avalanche C, Arbitrum, Optimism, zkSync Era, Polygon zkEVM, Linea, Base, Mantle, Starknet, Scroll, etc.

OKX DEX is a powerful DEX and cross-chain aggregator. It has now aggregated more than 20 cross-chains, more than 20 public chains, more than 400 DEXs, etc., and also has a DEX market section, limit orders, KYT security detection and other functions have also been added to the intent transaction mode to help users enjoy a GAS-free transaction experience.

In order to help users lower the threshold for entering Web3 and reduce search costs, they can also use fragmented time to interact accurately. Cryptopedia has launched zkSync Era and other L2 and other ecological interactive tasks. By aggregating and selecting high-quality DApps and setting up interactive tasks, it helps users experience the smooth on-chain world and obtain multiple rewards. For example, users can experience the selected zkSync Era ecological DApp through OKX Cryptopedia, and can better explore the L2 ecosystem and obtain rewards. OKX Cryptopedia is a one-stop DApp exploration and reward interactive platform. The platform regularly launches activities themed on different blockchain networks and works with corresponding partners to jointly set up DApp interactive tasks.

OKX Discover is the first to launch Layer 2 ecological exploration to support the Ethereum Cancun upgrade as soon as possible, helping users to participate in the Ethereum and L2 ecology quickly and safely. In addition, in order to more extensively explore the Ethereum and L2 ecology, as well as discover and interact with popular DApps, users can discover and jump to popular DApps through the OKX Discover section, making it easier and more convenient to explore the world on the chain. For example, OKX Discove has added multiple hotspot areas such as re-staking, Solana ecology, Inscription, Bitcoin ecology, essential tools, and popular chain games to provide users with the latest and most popular on-chain dynamics.

In addition, users can view Layer 2 network-related data anytime and anywhere through the OKX browser or the Dencun upgrade special page launched by OKLink, including the most intuitive data, currency prices, and handling fee reductions; consisting of handling fees, Possible developments caused by changes in TPS, TVL, TVB, number of active addresses; changes to Ethereum data caused by upgrades, etc. In addition, you can also view the complete development history of ETH, upgrade review, etc.

OKX Web3 Wallet supports Ethereum and L2 ecology through various sectors, helping users to explore the world on the chain simply, safely and efficiently, becoming an indispensable Web3 tool for users.

Cancun upgrade, injecting vitality into Ethereum and L2

Ethereum has opened up a differentiated path from the Bitcoin peer-to-peer electronic cash system. As the world's largest open source platform, Ethereum introduces smart contracts into the blockchain world for the first time, leading the development direction of the encryption industry and laying the foundation for a decentralized future. Ethereum not only creates a cryptocurrency, but also a new type of financial infrastructure that provides people with a more free, secure and open trading environment and promotes innovation and progress in the entire industry.

As L1, which has the largest developer community, the legitimacy of Ethereum still cannot be replaced. Although it is "embattled on all sides" due to its congested and expensive performance and fierce competition on the public chain track, with the development of L2 As well as the innovation of various expansion plans such as Rollup, it will surely shoulder the huge transaction pressure of the main network and win time and space for the arrival of Ethereum 2.0.

Throughout the iteration process, OKX Web3 wallet, on the one hand, helps Ethereum community construction by supporting Ethereum and L2 ecology, and on the other hand, it brings huge amounts of liquidity to Ethereum and L2 ecology by connecting users. Become an important builder of Ethereum and L2 ecology. OKX Web3 wallet now fully supports Ethereum and L2 ecology. With good technology accumulation and continuous innovation, it greatly lowers the threshold for user participation by providing the most advanced market tools, helping them to play the world on the chain in one stop.

Despite the slow pace, Ethereum, a huge creative machine, has never stopped. From the border, home, metropolis to tranquility, after several upgrades and numerous EIP proposals, every step is closer to becoming The vision of a scalable, decentralized and globally accessible settlement layer is getting closer. In addition, as the market shifts its focus from Bitcoin spot ETFs to Ethereum spot ETFs, it will also bring more attention and vitality to Ethereum.

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