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The Cancun upgrade has both advantages and disadvantages for ETH. The reason why the price of ETH is so high is because its gas cost is high. The more you need to pay for on-chain transactions, the more demand for eth. After the Cancun upgrade, ecological applications will be transferred to the L2 layer. L2 will pay less Gas to ETH and the demand for ETH will also decrease. However, low gas will only lead to more applications being built on it. In the past, it took a few hundred dollars for a single interaction to stop those public chains from thinking about challenging Ethereum. With the start of l2, there will be a large number of applications built on Ethereum.
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