Base’s transaction volume skyrockets after Dencun update

Base’s daily transaction volume skyrocketed to 2 million on March 16, following the Dencun launch.

According to Dune data, on March 13, after the Dencun update went live, the daily number of transactions in the Base network exceeded 2 million, increasing fivefold.

Before the update, on average, Base network users carried out about 440,000 transactions daily, but on March 16, the figure reached over the millions and continues to grow. The number of new users has also increased significantly. On March 16, 666,866 new addresses appeared in the Base network, a 3,200% increase in the average before the Dencun update.

On average, base users have seen transaction fees drop by more than 60%. However, this is also true for other layer-2 networks based on Ethereum. Currently, $1.46 billion is blocked in the Base network — the sixth result among layer-2 solutions. The leaders remain the Arbitrum and Optimism blockchains with a total capitalization of $23 billion.

Dencun is expected to significantly reduce transaction costs for layer-2 networks and introduce vital improvements to increase Ethereum‘s scalability. Scaling and performance will be optimized, promising a more efficient and user-centric experience.

Features such as improved transaction processing, lower gas fees, and increased throughput have been introduced to improve the efficiency and accessibility of the Ethereum platform.