Following the launch of the Dencun update, Base witnessed a remarkable surge in its daily transaction volume, reaching 2 million on March 16. Dune data reveals that since the implementation of the Dencun update on March 13, daily transactions on the Base network have surged fivefold, exceeding 2 million. Prior to the update, users conducted an average of about 440,000 transactions per day, but post-update, this figure has soared into the millions and continues to climb. Additionally, the number of new addresses joining the Base network has seen a substantial increase, with 666,866 new addresses appearing on March 16 alone, marking a 3,200% rise compared to the pre-Dencun era.
Moreover, average transaction fees for Base users have plummeted by over 60%, aligning with similar trends observed across other layer-2 networks built on Ethereum. Presently, the Base network boasts a total locked value of $1.46 billion, positioning it as the sixth-largest layer-2 solution. However, leading the pack are the Arbitrum and Optimism blockchains, with a combined capitalization of $23 billion.
The Dencun update is poised to significantly decrease transaction costs for layer-2 networks while introducing crucial enhancements to Ethereum’s scalability. These improvements aim to optimize scaling, performance, and overall user experience, offering more efficient and accessible services on the Ethereum platform. Features like enhanced transaction processing, reduced gas fees, and improved throughput have been rolled out to enhance efficiency and usability across the Ethereum ecosystem.