In-depth Analysis of the Post-Upgrade Era in Cancun: Data and Investment Perspectives

1. Overview of Dencun Upgrade

The Dencun upgrade is a key part of the "The Surge" in Ethereum's development roadmap, aimed at enhancing Ethereum's scalability and modularity, improving network security features, and enhancing overall usability.

• The core is the introduction of EIP-4844, which significantly reduces Layer 2 transaction fees and increases transaction throughput.
• Introduce a new data storage structure called Blob, specifically designed for storing transaction data submitted from L2 to L1.
• EIP-1153 introduces transient storage opcodes, reducing storage costs and Gas consumption.
• EIP-4788 implements interoperability between EVM and the beacon chain, EIP-5656 introduces the MCOPY instruction to optimize memory copying.
• EIP-6780 restricts the SELFDESTRUCT function to enhance development stability.

2. Data impact after upgrade

• Gas Fees: The L2 transaction fees have significantly decreased, basically meeting the expected target of a 90% reduction; the Gas fees of Ethereum itself have not decreased noticeably.
• Trading Volume: The trading volume of each L2 has increased, with Base showing the most significant growth, surging from 500,000 to 2,000,000.
• TPS: The TPS of each L2 has increased, but the extent is not as significant as the trading volume, laying the foundation for future expansion.
• Blob Usage: Has started to be used but the overall usage rate is not high, not reaching the expected average target of 3 Blobs/block.
• L2 Profit: Data costs have significantly decreased, and the profit margins for L2 may increase.

3. Impact on Investment Value

• Ethereum: Laying the foundation to become a globally scalable trading platform, ETH is more inclined towards a long-term investment asset.
• L2 Ecosystem: Reduced transaction costs will drive ecosystem prosperity, with Arbitrum and Optimism as key players worth关注.
• Base: Backed by the resource advantages of Coinbase, recent data performance is outstanding, which may present Alpha opportunities.
• Unissued tokens L2: Such as Zksync, Blast, etc. need to be continuously monitored, as lower interaction costs benefit user participation.

4. Conclusion and Outlook

1. The upgrade significantly reduces L2 costs, but the reduction in fees on Ethereum itself is limited.
2. Further promote the development of Ethereum scalability
3. Will drive the prosperity of the L2 ecosystem, and the prospects for leading projects are promising.
4. Emerging L2s like Base are worth paying attention to.
5. Opportunities for unfunded L2 projects increase