After the upgrade of Dencun, the daily transaction volume of Base increases to 2 million strokes

Author: Martin Young, Cointelegraph; Compilation: Deng Tong, Bit Chain Vision World

On March 16th, a few days after the upgrade of Dencun, the daily transaction volume of Coinbase Ethereum Layer 2 network Base soared to a record of 2 million strokes.

Before the upgrade, Base handles about 440,000 transactions per day.The next day, this number climbed to 1.1 million, and continued to rise in the next few days, reaching 2,064,920 on March 16.

On March 16, Base’s daily new users also soared to 666,866, a significant increase of 3,200%from the average level a few days before Dencun.

Basic daily trading chart.Source: dune analytics

The increase in transaction volume is related to the significant reduction in the cost of Base after the upgrade of Dencun.According to Blockscout, since upgrading,The average trading fee of Base has dropped by more than 60%.

According to the data of the industry tracking agency L2Beat,Base was launched by Coinbase in August. It is the sixth largest network in the Ethereum Layer-2 ecosystem. It locks the total value of 1.46 billion US dollars and accounts for 2 4.1% of Layer.

Ethereum Dencun upgraded EIP-4844, which reduced the Layer 2 transaction fee by introducing data Blob or primitive Danksharding.The upgrade enhanced the availability of L2 data and reduced the cost of GAS in some networks by 90%.

According to Dune Analytics data,After the upgrade, the average trading costs of the leading Layer 2 network Arbitrum, Optimism, Base, and ZKSYNCRA decreased by 60% to 90%.

Average layer-2 cost comparison.Source: dune analytics

Arbitrum and Optimism still dominate the Layer-2 ecosystem, with a total lock value of $ 23 billion, with a market share of 42% and 23%, respectively.

As the founder of the agreement Hayden Adams pointed out, after the Dencun, the token exchange GAS fee deployed by the decentralized exchange Uniswap Optimism has dropped to $ 0.01.

At the same time, Ethereum Layer 1 GAS cost has been high recently.According to Gasfees.io, the current transfer fee is about $ 2.1, and the USDC transfer fee is about $ 5, but the drop fee on the Uniswap is about $ 16.