Base, backed by Coinbase, has the highest transaction fees among ethereum layer 2 networks due to the current wave of attention it enjoys among cryptocurrency traders.
gas festival data shows that Base is the most expensive Layer 2 protocol among scaling solutions that have implemented Dencun Upgrade's Blobs feature. The feature significantly reduces transaction fees and improves the performance of Layer 2 networks by enabling a more efficient and cost-effective way to publish cumulative data.
In fact, the average transaction fee on Base ranges between $0.0857 and could reach up to $0.5582 for an average nft trade on Seaport compared to the average transaction fee on Optimism which ranged between $0.0009 and $0.0550.
Meanwhile, the blockchain network confirmed This situation of high rates, noting that it was caused by “high network traffic.” However, he stated that the problem had been corrected as of press time.
Why Base Transaction Fees Soared
Kofi crypto analyst attributed the situation to the increase in commercial activities of bots willing to pay “high priority fees.”
Another on-chain data analyst, Michael Silberling, provided a more complete view of the phenomenon of high rates. He highlighted automated actors focusing on memecoins and arbitrage opportunities on the Base network as key contributors to the rise in fees.
Silberling noted that these merchants tend to be less sensitive to rates than average users, thereby maintaining high network rates at Base due to increased demand.
In particular, a dune analysis panel cured Analyst Hildobby showed that the number of atomic arbitrage robots at the Base had seen an increase recently.
DEX base volume increase
The rise in bot trading activity has driven the daily trading volume of decentralized exchanges (DEXs) on the ethereum Layer 2 network to a new high of $374 million last day.
This milestone reflects the growing popularity of Base among cryptocurrency traders following the successful completion of the Dencun upgrade. According data According to DeFiLlama, transactions on the platform have skyrocketed 71% over the last week, reaching around $1.5 billion.
Furthermore, the total value of the assets locked on the network has reached a new high of $775 million.
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