Tom Ngo believes that the implementation of the update can be considered a big step towards large-scale implementation of more secure and predictable transactions by companies.
This is one of the most significant updates for L-2 networks, as it reduces gas fees, the businessman is convinced. The high transaction costs associated with Ethereum have been one of the biggest challenges to international adoption of the network by customers for whom every cent matters.
However, Tom Ngo notes, despite the reduction in transaction fees on L2 networks, Dencun has not solved the problem of high costs on the main network. This may be one of the reasons why second-tier solutions are attracting more customers and funding.
The total blocked value of assets in L2 protocols, according to the L2Beat platform, reached $39.6 billion. This is four times more than in 2023 ($10.3 billion).
Ethereum blockchain developers activated the Dencun (Deneb-Cancun) hard fork on the main network in mid-March. In the Base network, the daily number of transactions increased fivefold after the Dencun update, and at the same time the number of new users increased.