Ethereum Layer 2 Base Shatters Record

Following Ethereum’s Dencun upgrade, Base’s TVL metric has reached unprecedented levels. Data from L2 Beat shows that the sum value is locked strike It reached a new record high of $2.16 billion. Currently, the total lockups on the Ethereum Layer 2 network are $36.6 billion. Despite occupying 4th place, his 7-day TVL growth in Base has nearly doubled. The hard fork implemented Ethereum Improvement Proposal 4844, which reduces layer 2 transaction fees by introducing an innovative feature called data blob or protodunk sharding.

As previously reported, the estimated gas costs associated with DEX swaps are: Aribitrum gas prices are estimated to be reduced from $2.02 to $0.4, Optimism from $1.42 to $0.28, and Base from $0.58 to $0.01.

Notably, Base processed approximately 440,000 transactions prior to Dencun. However, this number quickly reached 2 million after the upgrade. Days after the Dencun upgrade, he said on March 16, his daily transaction count at the base soared to a record 2 million. The network’s growth showed no signs of slowing down, and the network was poised for even more growth.

Additionally, Base’s new user numbers hit an all-time high. By mid-March, just days after the upgrade began, this figure had reached 666,866 cases, an average jump of 3,000%. Dencun brought about lower transaction fees, which led to a surge in network demand, but this increase proved to be short-lived.

Ethereum

As network metrics skyrocketed, gas prices rose by a staggering 2000% on March 20, reaching an average of $2 during periods of network congestion. As activity levels subsided, fees quickly returned to normal levels of $0.2, but over the weekend they rose again, reaching $1.9, an increase of 1100%.

Ethereum L2 fee culprit

Insights from renowned on-chain data researcher Michael Silberling show that the influx of trading bots into the network is leading to an increase in demand and price of meme coins on Base, which in turn is leading to higher gas prices. Suggests.

Launched by Coinbase in August, Base is the fourth largest network in the Ethereum Layer 2 ecosystem, with a 5.7% market share. Arbitrum and Optimism still dominate the Layer 2 ecosystem, with a combined TVL of $24 billion and market share of 42% and 23%, respectively.

Related Article

0 Comments

Leave a Comment