Base Network Surges After Dencun Upgrade Sparks Transaction Boom

• The surge in transactions and new users following the Dencun upgrade serves as a testament to Base’s scalability and cost-effectiveness as an Ethereum Layer 2 solution. 
• This surge indicates that users are increasingly turning to Base for their transaction needs, attracted by its ability to handle high volumes of transactions while keeping fees low. 

The Base network, an Ethereum Layer 2 platform nurtured by Coinbase, has witnessed a remarkable surge in transactions and user adoption following the implementation of the Dencun upgrade. This upgrade, aimed at slashing transaction fees, has catalyzed a flurry of activity on the network.

In the wake of the Dencun upgrade, the Base network experienced an unprecedented spike in both daily transactions and new user registrations. Daily transaction volumes soared, smashing previous records and surpassing 1.05 million transactions based on a seven-day moving average, as reported by The Block’s data dashboard. This surge underscores the network’s newfound scalability and appeal to users seeking efficient and cost-effective transaction solutions.

Notably, Base’s transaction volumes now outshine those of leading optimistic rollups like Arbitrum and Optimism. On March 17 alone, Arbitrum recorded 960,000 transactions, while Optimism trailed behind with 519,000 transactions—a testament to Base’s burgeoning prominence in the Layer 2 ecosystem.

The influx of new users has mirrored this upward trajectory, with Base witnessing a staggering surge in weekly registrations. The number of new users skyrocketed to 800,000 last week, marking a remarkable 600% increase from the pre-Dencun upgrade period and establishing a new record for the network’s user acquisition.

At the heart of the Dencun upgrade lies the introduction of a groundbreaking transaction type for Layer 2 networks—blobs. These blobs serve as a novel mechanism for posting information on Ethereum, deviating from the conventional “calldata” method and paving the way for substantial fee reductions. Consequently, the median gas fees on Base plummeted from approximately $0.5 just before the Dencun activation to a mere $0.003, solidifying Base’s position as one of the most cost-efficient Layer 2 solutions available. Meanwhile, the average fee on Base currently stands at $0.09, reflecting a significant improvement in affordability for users transacting on the network.

As Base continues to ride the wave of its post-upgrade success, stakeholders eagerly anticipate sustained growth and innovation within the network. The Dencun upgrade has not only propelled Base to the forefront of Layer 2 scalability but has also reinforced its commitment to delivering a seamless and economical Ethereum experience for its expanding user base.

Base Network: Pioneering Decentralization for a Global Crypto Economy

Base, a secure and cost-effective Ethereum layer-2 solution meticulously designed to expand on-chain user adoption, emerged from within Coinbase with a firm commitment to progressively decentralize in the years to come. Despite its origins within a centralized exchange, Base is poised to embrace decentralization as a cornerstone principle in fostering an inclusive, worldwide crypto economy accessible to all. Leveraging the Bedrock release of the OP Stack, developed in collaboration with Optimism, Base embodies Coinbase’s dedication to democratizing access to blockchain technology. Recognizing the significance of Ethereum Improvement Proposal (EIP) 4844, which proposes proto-danksharding to achieve substantial cost savings for Ethereum users, Coinbase has actively collaborated with the core Ethereum development community to advance this initiative. Through its integration with the OP Stack and ongoing efforts to champion EIP-4844, Base aims to revolutionize the affordability and accessibility of the crypto economy on Ethereum for mainstream users worldwide.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.