The highly anticipated Dencun fork on March 13 has significantly boosted the adoption of Layer 2 solutions on ethereum. This was evidenced by the increase in activity post-upgrade.
Intotheblock's latest analysis revealed a similar trend, as it noted an increase in the number of transactions on ethereum layer 2 solutions after the Dencun upgrade. Statistics indicate a staggering 196% increase in transactions settled on major layer 2 platforms, reaching 5.67 million transactions.
- Among them, Base has become the largest contributor, handling approximately 57% of the transactions. Arbitrum and Optimism follow closely, with 31% and 11%, respectively.
- This substantial increase not only highlighted the growing adoption and demand for Layer 2 scaling solutions, but also that 'Base Spring' has arrived, according to previous ITB analysis.
- Last week, Base's trading volume surpassed $1.6 billion for the first time, surpassing established players like Optimism as a result.
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The number of transactions on eth layer 2 has skyrocketed following the Dencun upgrade.
The number of transactions settled in the main L2 has increased by 196% to 5.67 million.
Base currently processes ~57% of these transactions, followed by Arbitrum and Optimism with 31% and 11%… pic.twitter.com/tKnL4HXWIZ
– IntoTheBlock (@intotheblock) twitter.com/intotheblock/status/1777628786470560245?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>April 9, 2024
- Additionally, Base has seen a notable increase in network activity in recent months, primarily driven by a growing frenzy around memecoins.
- According to data compiled According to data from DefiLlama, the total value locked (TVL) on the Base network soared to a record $1.5 billion on April 9, reflecting a whopping 235% increase since the beginning of the year, driven by influx of the meme coin frenzy on the market. grid.
- In recent months, Layer 2 networks have seen significant expansion, and Dencun has played a key role in their adoption.
- VanEck's analysis even predicted that these scalable solutions could reach a market capitalization of $1 trillion by 2030.
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