Ethereum core developers implemented the Dencun upgrade on the mainnet, introducing “blobs," which are expected to make Layer 2 transactions significantly cheaper.

Including the EIP-4844, the upgrade was activated on the network at epoch 269568, at around 10 am ET. The epoch is yet to be finalized.

Ethereum Layer 2 rollups will now be to use blobs instead of the “calldata” method for posting transactions — offering a direct path to fee reduction and passing these savings to end users.

Blobs are intended to enhance Ethereum by improving data availability while not affecting the current infrastructure, thereby reducing transaction costs on Layer 2s such as Base, Optimism, Arbitrum One, zkSync, Starknet, and several others. A separate fee market for blobs will attempt to maintains low …