Daily number of transactions on the Base network hits the record after the Dencun hard fork

Fees on the network have decreased by 60% on average

18.03.2024 - 07:55

197

2 min

What’s new? After the Dencun hard fork in the Ethereum main blockchain, the daily transaction volume in the Layer 2 (L2) Base network from US crypto exchange Coinbase has jumped by380%. Before the upgrade, Base processed about 440 000 transactions per day, the day after the upgrade the figure exceeded 1,2 million, and on March 16 it hit an all-time high above 2,1 million.

Dune platform data

What else is known? The number of daily new Base users also increased to more than 660 000 on March 16, a 3200% increase over the average for the days leading up to Dencun.

The increase in transaction volume is attributed to a significant drop in fees on Base after Dencun. According to Blockscout, the average fee on the network has dropped by more than 60% since the upgrade.

Launched last August, Base is the fifth largest L2 network in the Ethereum ecosystem with a total blockchain value (TVL) of $1,47 billion and a market share of 4,18%, according to L2Beat.

The successful Dencun upgrade on March 13 implemented Ethereum Improvement Proposal (EIP) number 4844, which reduced fees on L2 networks through proto-danksharding. It scales the blockchain and reduces the cost of gas by introducing a new mechanism for storing compressed large sets of binary data (blobs).

Fees on Ethereum-based L2 networks dropped by 99% after the Dencun hard fork

The Optimism blockchain demonstrates the best result

Last September, Coinbase introduced a threat monitoring tool for the Base network called Pessimism, which can also be applied to EVM and OP Stack-enabled networks.

Author: