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Home»ADOPTION NEWS»zkSync is targeting lower fees and ‘larger batches’ following Ethereum’s Dencun upgrade.
ADOPTION NEWS

zkSync is targeting lower fees and ‘larger batches’ following Ethereum’s Dencun upgrade.

By Crypto FlexsFebruary 10, 20243 Mins Read
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zkSync is targeting lower fees and ‘larger batches’ following Ethereum’s Dencun upgrade.
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Ethereum’s Duncan upgrade, expected in mid-March, will introduce a technique called “proto-danksharding.”

This upgrade is capturing the attention of Ethereum enthusiasts with its potential to enhance layer 2 solutions such as zkSync, Optimism, Arbitrum, etc. and marks Duncan as an important development for the future.

Proto-danksharing (or EIP-4844) aims to include more data in Ethereum transactions without impacting block processing times by incorporating off-chain ‘data blobs’. It is touted as the key to Layer 2 scalability in the network, providing the ability to take advantage of increased data capacity.

As a result, transaction costs on Ethereum Layer 2 are expected to decrease significantly. “The biggest difference users will notice with the EIP-4844 upgrade is the significant reduction in transaction fees,” Anthony Rose, director of engineering at Matter Labs, a key zkSync contributor, told The Block.

zkSync, which functions as a layer 2 network on the Ethereum mainnet, aggregates hundreds of thousands of transactions in batches and then verifies them on the mainnet. However, this verification incurs a fee, which is passed on to the user.

As of this writing, zkSync’s transaction fees average around $0.20. The component affected by EIP-4844 (related to data costs) is approximately $0.08 to $0.10 per transaction. The team predicts that this data-related component could potentially be reduced by nearly 10 times post-Duncan, which could lower average fees (per transaction) to less than $0.10.

Use of Boojum

Matter Labs implemented code improvements to zkSync last year under EIP-4844 to target performance and improve batch transaction and verification capabilities.

“We are working on a number of improvements to the protocol that, combined with certain changes in EIP-4844, will have a significant impact on the performance of zkSync,” Rose said.

Among them is the launch of Boojum, a STARK-based attestation system designed to allow networks to compress and publish significantly more data within a batch to the mainnet.

Boojum has been instrumental in the amount of data zkSync aggregates into Ethereum per Layer 2 deployment, and now the cost efficiencies Duncan will bring will make it even more cost-effective.

“With the Boojum upgrade, we’ve included several changes to the way we publish data to L1 (partly to prepare for EIP-4844), which introduces better data compression while also increasing the L2 batch size. There was.” Rose explained.

“Our deployments will be larger and transaction costs will be cheaper,” he added.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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