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On March 16th, just a few days after the Dencun upgrade, the daily transaction volume of Coinbase's Ethereum Layer 2 network, Base, surged to a record-breaking 2 million transactions. Before the upgrade, Base processed about 440,000 transactions per day. The next day, this number soared to 1.1 million and continued to rise over the next few days, reaching 2,064,920 on March 16th.
On March 16th, the daily new users of Base also surged to 666,866 people, a significant increase of 3,200% compared to the average level in the days before Dencun.
The 350% increase in transaction volume is related to the significant reduction in fees for Base after the Dencun upgrade. According to Blockscout, since the upgrade, the average transaction fees for Base have decreased by over 60%.
According to data from industry tracking firm L2beat, Base, launched by Coinbase in August, is the sixth-largest network in the Ethereum Layer-2 ecosystem, with a total locked value of $1.46 billion, accounting for 4.1% of the Layer 2 market share.
The Ethereum Dencun upgrade introduced EIP-4844, which reduces Layer 2 transaction fees by introducing data blobs or original danksharding. This upgrade enhances L2 data availability, reducing Gas costs by up to 90% for certain networks.
According to data from Dune Analytics, after the upgrade, the average transaction fees for leading Layer 2 networks Arbitrum, Optimism, Base, and zkSync Era have decreased by 60% to 90%.
Arbitrum and Optimism still dominate the Layer-2 ecosystem, with a total locked value of $23 billion, accounting for 42% and 23% of the market share, respectively.
As noted by protocol founder Hayden Adams, after Dencun, the gas fees for token swaps deployed on Uniswap Optimism have dropped to $0.01.
Meanwhile, Ethereum Layer 1 gas fees have recently been high. According to Gasfees.io, the current transfer fee is about $2.1, the USDC transfer fee is about $5, but the swap fee on Uniswap is about $16. |
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Post time 31-3-2024 21:33:25