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📉Weekly Recap: L2 Fees Plummet After Ethereum's Dencun Upgrade

Ethereum’s long-awaited Dencun upgrade went off without a hitch this week, paving the way for a new era of Layer 2 scalability via EIP-4844. Fees across leading L2s have already dropped by between 50% and 98%, readying Ethereum’s Layer 2 ecosystem for mass adoption.

Bitcoin continued to post record highs throughout the week, eventually topping out above $73,500, according to CoinGecko. However, BTC’s weekly gains have since been extinguished amid a flurry of profit-taking, with Bitcoin last changing hands for $68,500.

Memecoins continue to post eye-watering gains, with BOME emerging as Solana’s latest novelty token of choice with a market cap of more than $600 million just a couple of days after launching. Dogwifhat also rallied 20% for the week after its community raised $691,000 to plaster the Las Vegas Sphere with its logo.

GameFi projects are posting gains, with Ronin also jumping 20% in seven days amid the expansion of its gaming ecosystem and Axie Infinity upgrades. Starknet is looking to foster its own vibrant web3 gaming ecosystem, seeding a new Gaming Committee with more than $100 million worth of STK to attract developers and gamers.