TL; DR
Full story
On Wednesday, the Ethereum mainnet was upgraded – and so far it looks like it was a great success!
That makes us think that this upgrade could be a huge catalyst for mass adoption of Web3.
Listen to us:
The Dencun upgrade allowed Layer 2s (also known as L2s, i.e. faster and cheaper blockchains built on top of the Ethereum network) to move data more efficiently, and in turn reduce their costs/increase their speed even more.
Now – not all L2s had the technology to take advantage of this upgrade yet, but those that did have already been talking about their successes.
For example:
The cost for the ‘Base’ L2 has dropped from $0.31 to $0.0005 after the upgrade.
And lower prices open the floodgates for innovation.
Think of it like this: If the Ethereum mainnet is an iPhone, layer 2s are the apps you download.
When it became easy/cheap to create, upload, and install apps, two things happened:
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More and more people started creating apps and sharing their ideas.
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More people bought iPhones to use these apps (bringing them into the Apple ecosystem).
So as costs drop below the cost of a penny, more people will choose to test and innovate on Ethereum.
And as technology becomes more streamlined, more people can come and play.
Very cool!