Arbitrum’s ARB, Polygon’s MATIC Lead Gains as Ethereum’s Dencun Upgrade Goes Live
  • Once the Decncun upgrade of the Ethereum blockchain began, the performance of layer 2 cryptocurrencies was mixed.

  • Tokens of Polygon, Arbitrum, and Starknet led the gains, while Immutable X and Celo declined.

On Wednesday, cryptocurrencies neighboring the Ethereum network showed mixed performance as blockchain’s long-awaited realization Denkun upgrade Now Live and Enabled cheaper deal With Layer 2 (L2) protocols.

read more: Ethereum completes “Dencun” upgrade, groundbreaking move to reduce data charges

Polygon {{MATIC}} and Arbitrum {{ARB}} native tokens increased by 8%-10% prior to the upgrade and regained some of the increase by 13:55 UTC when the upgrade began. Both companies are still up 6% to 7% over the past 24 hours, but METIS’s 2% rise outpaced the broader market. CoinDesk 20 Index(CD20) is ahead by 1.5%.

Starknet {{STRK}} was down until the upgrade took effect, but has since risen almost 10%, erasing previous losses. It recently rose 6% in 24 hours. Starknet posted that he has already sent the first batch of data to X in a “BLOB” that will benefit from the fee reductions enabled by Dencun. The Starknet Foundation, the organization supporting the network’s development, also announced plans on Tuesday to further reduce costs for users.

Optimism {{OP}} also rose nearly 10%, but fell more than its competitors ahead of Denkun, gaining less than 2% on the day. Gaming-focused L2 Immutable X {{IMX}} ended its brief run, dropping 6%. Celo {{CELO}} fell by 7%, while Ether {{ETH}}, the native token of the Ethereum blockchain, was little changed at just below $4,000.

In what is considered the biggest milestone for the ecosystem in nearly a year, Dencun has introduced a new way to store data. Blockchain is notoriously crowded. This change was expected to reduce transaction costs on the L2 network to a few cents, increasing activity and attracting more applications.

ETH and layer 2 tokens performed well in the weeks leading up to Dencun; QCP Capital attracts attention Ether prices could see a correction due to expectations for an upgrade path and a lower chance of a Spot Ether ETF being approved in the US in the near future. A correction in the cryptocurrency market is often seen as a decline of at least 10%.

Updated (March 13, 16:31 UTC): Add STRK price action for Starknet. Updated prices for METIS and CD20.

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