Dencun changed the Ethereum game: here’s what really happened

The March update was not just a technical upgrade, it was the turning point that many were waiting for. With proto-danksharding (EIP-4844), Ethereum finally achieved what it had promised for years: to make Layer 2 truly accessible.

Numbers speak for themselves

The fees on L2 have dropped obscenely:

• Arbitrum: from $0.65 to $0.02 (97% reduction)
• Optimism: from $0.75 to $0.03 (96% reduction)
• Base: from $0.70 to $0.01 (practically free)
• ETH mainnet: from ~$4.25 to ~$1.15

They are not enhancements, they are numbers that change the game. Suddenly, using Ethereum stopped bleeding money in fees.

L2 exploded ( but the price of ETH… nothing )

TVL on Layer 2 surpassed $40 billion (+25% in a month). Base dethroned Optimism in daily users. Arbitrum continues to dominate in volume but now there is real competition. However, here comes the strange part: the price of ETH did not take off as one would expect.

Why? Because:

1. The market remains obsessed with BTC - While Bitcoin does its thing, altcoins wait
2. The Ethereum ETF remains in limbo - The SEC has yet to give the green light ( is expected Q3)
3. We are in post-halving accumulation mode - The market is not in FOMO yet

ETH is being strong

While other tokens were crashing, ETH showed resilience:

• Staking exceeded 32 million ETH
• Emission remained neutral (EIP-1559 + staking work their magic)
• The dominance of ETH among altcoins remains strong

What's coming next

Dencun opened a race: Arbitrum, Optimism, Base, and ZkSync are going to fight brutally for liquidity. ETH is evolving into something we haven't seen before: a “digital bond” with real passive income from staking.

The important thing: if the SEC finally approves the ETF, the price of ETH could explode uncontrollably. But that is speculation.

The concrete thing is that Dencun is not just an upgrade. It is the foundation of the next growth cycle of Ethereum. If you are not closely following ETH yet, this is the time.