Coinbase CEO: "Completed Denkun upgrade enables Layer 2 scalability"

Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the U.S., told X: "The reduction in Layer 2 transaction fees (with the completion of Ethereum's Denko upgrade) will enable widespread adoption of cryptocurrencies. Scalability is finally here." Earlier, Jesse Pollak, Coinbase's Protocol Lead, who oversees the development of BASE, tweeted via X: "We have just finished implementing Blobs, a new transaction type from the Ethereum Denko upgrade, on BASE. This has resulted in an adjustment to the gas fee from $0.31 to $0.0005."

Dan Cline, a developer at the Ethereum (ETH) Foundation, uploaded a bee movie script to the Ethereum network to demonstrate the lower fees after the Dencun upgrade. The first upload took place on March 13 at 23:08 ET and cost $13.88 in fees. Mason Hall, an engineer and investment partner at crypto venture capital firm Andreessen Horowitz (a16z), said he did the same and incurred a $5 fee. The scripts will only exist on the Ethereum network for the next few weeks, as the blob will be cleaned up in about 18 days.