Coinbase’s Ethereum Layer 2 network Base saw a massive uptick in daily transactions following the Dencun upgrade, surging to a record 2 million on Saturday.
Posted March 18, 2024 at 3:17 am EST.
Base, an Ethereum Layer 2 network developed by Coinbase, recorded a million dollar rise in daily transactions following the successful deployment of Dencun on the Ethereum mainnet.
Blockchain data shows that daily transactions on Base surged to 2.1 million on March 16, roughly a day after Dencun went live. Meanwhile, active accounts on Base rose to 855,191 on the day, compared to 248,555 a day prior.
big spike in @base transactions pic.twitter.com/WNQ2XlKtir
— Alex Svanevik 🐧 (@ASvanevik) March 17, 2024
Last week, Unchained reported that Dencun had resulted in a drastic reduction in Layer 2 networks’ transaction fees, with Optimism-based chains like Base seeing the biggest benefits.
“Since the Dencun Hardfork of Ethereum went live, the gas fees associated with minting addresses on Base via PropyKeys went down by over 100x,” tweeted Natalia Karayaneva, the CEO of PropyKeys, a protocol that facilitates minting and trading real world addresses on-chain, built on on Base.
Base creator Jesse Pollak also noted that the average amount of transactions per second was five times higher than what it was before the Deuncun hard fork in an episode of Unchained last week.
While transaction activity on Ethereum Layer 2 networks have accelerated since the upgrade, gas fees for swaps on Layer 2 networks are still in high territory, with data from GasFees.io showing a swap on the Uniswap decentralized exchange (DEX) amounting to around $16 at the time of writing.
