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The “Blobs” introduced in Ethereum’s recent Dencun update made layer-2 (L2) blockchains boost the network scalability by over 11 times, according to a report by Brazilian digital bank Inter. Blobs are spaces within Ethereum blocks dedicated to receiving data from L2 chains, such as Arbitrum, Optimism, and Base.
Ethereum's L2 boost in scalability surpassed 1.000% since Dencun update
Transactions per second (TPS) evolution over time. Image: Inter
The report mentions a significant growth in Base’s transactions per second (TPS) count, which reached 300 to 400 TPS since Dencun. On average, L2 networks registered an average of 156.12 TPS since March 13, which is over 11 times more than Ethereum’s 14.35 average TPS in the same period.
However, Base was the only Ethereum L2 chain that registered significant growth in trading activity since Dencun, with its dominance in weekly trading volume jumping from 1.47% to 6.45%.
The Dencun update effectively acts as a “subsidy policy” for block space, with a unique fee mechanism tailored to the needs of second-layer solutions. This strategic move has enabled these networks to process a higher number of transactions at reduced costs, thereby enhancing their scalability, diminishing transaction expenses, and attracting new users.
While the Dencun update is a leap forward for Ethereum, its full economic impact remains to be seen, as highlighted by Inter analysts. Future updates are already in the pipeline, aiming to further refine the network’s efficiency and security.