Home » Latest News » Base Surges to 2M Daily Transactions Post Dencun Upgrade

Base Surges to 2M Daily Transactions Post Dencun Upgrade

In the wake of the recent Dencun upgrade on the Coinbase Ethereum layer-2 network, Base has witnessed an astounding surge in daily transactions. It reached a remarkable milestone of 2 million transactions on March 16th. This surge represents a staggering 350% increase from its pre-upgrade transaction volume.

Base daily transactions hit 2 million after Dencun upgrade.
Source: Coinbackyard

The significant spike in daily transactions can be primarily attributed to a substantial reduction in transaction fees following the Dencun upgrade. The base was handling about 440,000 transactions a day before the change. However, with the implementation of the upgrade, transaction fees on Base have plummeted by over 60%. This makes transactions more cost-effective and enticing for users.

The Dencun upgrade, which introduced Ethereum Improvement Proposal 4844, implemented innovative solutions such as data blobs or proto-dank sharding. This enhancement has greatly improved L2 data availability, resulting in a dramatic reduction in gas costs by up to 90% for some networks, including Base.

Furthermore, the impact of the Dencun upgrade extends beyond Base. Other leading layer- 2 networks like Arbitrum and Optimism have also experienced a significant decrease in average transaction fees. This reduction ranges from 60% to 90%. This underscores the widespread benefits of the upgrade across the Ethereum ecosystem.

Despite the dominance of other layer-2 networks like Arbitrum and Optimism, Base has emerged as a formidable player in the Ethereum layer-2 ecosystem. It boasts a total value locked of $1.46 billion and a 4.1% market share. Base continues to solidify its position in the decentralized finance (DeFi) space.

March 18, 2024 at 8:51 am

Updated March 18, 2024 at 8:51 am

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