- Arbitrum’s ARB and Polygon’s MATIC experience significant value surges following the launch of Ethereum’s Denali upgrade, which revolutionizes data storage and drastically reduces transaction costs on layer-2 networks.
- Ethereum’s ecosystem sees diverse responses from layer-2 tokens, with some experiencing growth and others facing challenges, highlighting the transformative impact of the Dencun upgrade.
Ethereum’s recent Dencun upgrade serves as a landmark achievement within the blockchain ecosystem, bringing forth an innovative data storage solution poised to cut down transaction costs on layer-2 networks dramatically. This groundbreaking development is anticipated to catalyze network activity and draw an array of new applications.
Following the rollout of the Dencun upgrade, layer-2 cryptocurrencies demonstrated varied reactions. Notably, Polygon’s MATIC and Arbitrum’s ARB saw their values escalate by 6-10% in the lead-up to the upgrade, albeit experiencing minor pullbacks thereafter. On the flip side, tokens like Immutable X and Celo faced downturns, whereas Starknet’s token, STRK, after an initial dip, rallied to a nearly 10% increase post-upgrade, as highlighted in a CNF YouTube video.
In addition, the Starknet Foundation made headlines with a tweet announcing the first “Blob” on Starknet, signaling ongoing enhancements and future cost reductions for the platform.
FIRST BLOB ON @Starknet JUST IN!
https://t.co/qcFv5EDMCF
— Starknet-Ecosystem.com
(@StarknetEco) March 13, 2024
The aftermath also saw Optimism’s OP token experience a modest rally, ending with a less than 2% uptick. Ethereum’s ETH maintained a steady stance, hovering just below the $4,000 threshold. The Dencun upgrade emerges as a critical juncture for Ethereum, marking its most significant evolution in nearly a year. Yet, the market’s future outlook remains tempered, with anticipations of post-upgrade corrections and lingering skepticism around the near-term approval of a spot ether ETF in the U.S.
Polygon’s trading dynamics post-upgrade illuminate the broader market’s optimism, with its price climbing to around $1.24—a 3.44% rise over the last 24 hours and an impressive 12.45% increase over the past week. These figures highlight the positive market response to Ethereum’s Dencun upgrade and the promising horizon for layer-2 tokens.
