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In this week's newsletter, we explore the rise in meme token speculation and how the upcoming Dencun upgrade will impact Ethereum fees.👇experiencing its highest fees in nearly two years. The ETH network surpassed $190 million in fees in the past week, translating to an annualized rate of over $10 billion for the first time since early 2022.
On the Arbitrum Layer-2 network, average fees have climbed above $1 for the first time since June 2022. However, relief is on the horizon, as Ethereum's upcoming Dencun upgrade is expected to alleviate the increased gas prices on L2s.Scheduled for March 13, the Dencun upgrade, which includes Ethereum Improvement Proposal 4844, aims to introduce proto-danksharding. This new transaction type, known as blobs, is expected to significantly reduce data availability costs for L2s.
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