Ethereum's Dencun Upgrade Sends Shockwaves Through L2 Tokens: ARB, OP, and MATIC! Volatility Strikes: The launch of Ethereum's Dencun upgrade brought
blobs of excitement to the Layer-2 networks. But it also stirred up a storm of price fluctuations for popular tokens like
ARB,
OP, and
MATIC.
Price Rollercoaster: ARB reached for the skies with an 11.87% surge, hitting $2.562, only to experience a correction down to $2.0625. OP followed a similar trajectory, climbing 7.45% before a 4.19% dip, settling at $4.32. Meanwhile, MATIC managed to stay afloat with a modest 1.1% gain.
Network Woes: While MATIC sailed smoothly, both OP and ARB faced some choppy waters in terms of Network Growth. New addresses seemed less captivated by these tokens, with OP at 2152 and ARB at 4074.
Trading Winds Calm: The trading velocity for ARB clocked in at 1.894, while OP had a pace of 3.188 – indicating a slowdown alongside the price drops.
Fees Take a Dive: As prices dipped, so did the fees on L2 networks. Users enjoyed lower costs as data from Dune Analytics revealed a significant drop in fees across the board.
Mixed Activity: Polygon and Arbitrum reveled in increased activity post-Dencun, but Optimism struggled to seize the opportunity despite reduced fees for users.
In this wild ride of upgrades and fluctuations, it's clear that Ethereum's Dencun has left its mark on the L2 landscape – for better or worse.
