Arbitrum, a leading Ethereum Layer-2 scaling solution, experiences significant gains as the community anticipates the Dencun upgrade. Explore the latest on ARB token, Optimism, Polygon, and Ethereum's ETH price.

As the countdown to the Dencun upgrade on the Ethereum mainnet ticks away, layer-2 scaling solution tokens like Arbitrum, Optimism, and Polygon have experienced substantial increases in value.

Arbitrum stands out with double-digit gains, as its ARB token surged by 11% in the last 24 hours and 7.5% compared to the previous week. While reaching a peak of $2.25 early Wednesday, the token has stabilized at $2.20 as of the current moment.

Being one of the leading layer-2 Ethereum scaling solutions, Arbitrum boasts a total of $16 billion in assets on its platform, accounting for approximately 41% of the L2 scaling solution market share, according to L2 Beat.

Ethereum Layer-2 (L2) solutions serve as secondary frameworks or protocols built atop the Ethereum blockchain. These solutions aim to enhance the network's transaction capacity and scalability without compromising security.

L2 users benefit from the security advantages of Ethereum's mainnet decentralization without bearing the often-high gas fees associated with Ethereum transactions.

The upcoming Dencun upgrade, scheduled for later today, promises to enhance Ethereum's underlying architecture for more efficient data processing. Developers anticipate a significant reduction in operational costs for L2s and a potential 75% decrease in transaction fees for users.

Reflecting on the costs incurred by rollups for posting data to Ethereum in February, expectations are high for a considerable reduction when EIP-4844 goes live this month.

1. Arbitrum - $7.23m2. zkSync Era - $6.02m3. Optimism - $5.68m4. Base - $3.79m5. Scroll - $3.64m6. Linea - $2.29m7. Mantle -… pic.twitter.com/IY5SR0cLcI

— Kofi (@0xKofi) March 4, 2024

Meanwhile, Optimism, handling approximately 24% of Ethereum L2 throughput, has seen a 3% gain in its OP token in the past day. OP has experienced a 27% increase over the past month but is 3.5% lower than the previous week, currently trading at $4.50 according to CoinGecko data.

In a recent development, the Optimism Foundation disclosed a private sale of 19.5 million OP tokens, featuring a 2-year vesting period. While the tokens are locked up, they remain eligible for delegation to third parties for participation in voting on governance proposals.

Polygon, formerly known as Matic Network, operates the Polygon PoS token bridge, dominating Ethereum L2 bridges with a 30% market share, as reported by L2 Beat. Token bridges facilitate the movement of assets between different networks.

As of now, the MATIC token has experienced a 4.7% gain in the past day, trading at $1.24. Over the last week, the token has seen an impressive 18% increase, boasting a market capitalization of $11.5 billion, according to CoinGecko.

Despite the impending Dencun upgrade, Ethereum's ETH has managed to stay above $4,000. Currently trading at $4,055.30, ETH has gained 1.2% in the past day and is 6.5% higher than the previous week when it surpassed $4,000 for the first time since 2021.