Base Emerges as Layer 2 Frontrunner After Dencun Upgrade

Is Base the New King of Layer 2s?

Hey there, Wall Street aficionado!

If you're into the Ethereum Layer 2 scene, you'll want to pay attention to Base, the up-and-comer from Coinbase. After their Dencun upgrade, they've seen a meteoric rise in daily transactions.

Transaction Bonanza

Before Dencun, Base was handling around 440,000 transactions per day. Fast-forward to March 17th, just a few days post-upgrade, and that number has skyrocketed to over 1.05 million transactions per day, according to The Block's data dashboard. That's a new record for Base and puts it ahead of heavyweights like Arbitrum and Optimism.

New Users Flocking to Base

It's not just the transactions that are surging. Base has also witnessed a massive influx of new users. Last week, they welcomed a record-breaking 800,000 new weekly users, a whopping 600% increase from the week before Dencun.

The Dencun Difference

So, what's behind this sudden surge in popularity? Dencun introduced a game-changer: blobs. These blobs streamline the way chains publish information on Ethereum, replacing the old "call data" method. The result? Dramatically reduced transaction fees.

Fees That Make You Smile

Median gas fees on Base have plummeted from around $0.5 before Dencun to a mere $0.003 today. That's one of the lowest fees among Layer 2 networks. Even the average fee on Base is now a measly $0.09.

Disclaimer:

Just a heads-up, The Block is an independent media outlet. Foresight Ventures, an investor in The Block, also invests in other crypto companies. Bitget, a crypto exchange, is an anchor LP for Foresight Ventures. However, The Block maintains its independence and strives to provide unbiased, insightful, and up-to-date coverage of the crypto industry.

Conclusion:

With its low fees and impressive transaction volume, Base is poised to make a significant impact in the Layer 2 space. If you're looking for a Layer 2 with a bright future, Base is definitely worth keeping an eye on.