On March 13, 2024, Ethereum's Dencun upgrade, combining 'Deneb' and 'Cancun', was successfully deployed to reduce Layer 2 transaction costs significantly.

With the upgrade, transactions on networks like Arbitrum, Polygon, and Coinbase's Base dropped from $1 to $0.01.

Dencun introduced proto-danksharding and a new data storage system, enabling cheaper costs through temporary data storage in 'blobs' for roughly 18 days.

Despite concerns about fragmentation and security, Coin Metrics supports the upgrade, adapting its analytics to include the blob space feature and launching new metrics for Network Data Pro clients.

The future success of Ethereum hinges on institutional adoption, user accessibility, regulatory environment, and analytical support from entities like Coin Metrics.