Explosive Growth: Dencun Base Records Surge in Transactions and User Base
Base, an Ethereum Layer 2 platform nurtured under the wings of Coinbase, has recently witnessed a remarkable surge in both transaction volumes and user influx. This uptick can be attributed to the transformative Dencun upgrade, which effectively slashed transaction fees, catalyzing heightened engagement across the network.
In the wake of the Dencun upgrade, Base, the Ethereum Layer 2 initiative championed by Coinbase, has experienced a remarkable surge in daily transaction activity. This surge, fueled by the allure of diminished transaction costs, has propelled Base to record-breaking heights in terms of both users and transactions.
Following the implementation of the Dencun upgrade, Base experienced an abrupt surge in daily transaction volume, surpassing even the most prominent optimistic rollups in the Ethereum ecosystem. The seven-day moving average showcased an exponential increase from approximately 440,000 transactions to a staggering 1.05 million transactions on March 17, as reported by The Block’s data dashboard.
This surge in activity was paralleled by a significant uptick in new user registrations on Base, soaring to an unprecedented 800,000 weekly sign-ups—a remarkable 600% surge compared to the week preceding the Dencun upgrade.
Integral to the Dencun upgrade was the introduction of a novel transaction mechanism termed “blobs” for Layer 2 networks. These blobs serve as a new anchoring point for Ethereum chains, diverging from the conventional “calldata” method, thereby streamlining processes and directly contributing to fee reduction.
The median gas fees on Base plummeted from approximately $0.5 on March 13, just prior to the activation of Dencun, to a mere $0.003—a figure notably among the lowest across various Layer 2 networks. Concurrently, the average fee on Base currently stands at $0.09, reflecting a favorable environment for users seeking cost-effective transactions.
