Dencun update triggers an astronomical rise in transaction volume for
Base’s daily transaction volume experienced a remarkable surge on March 16, reaching a staggering 2 million transactions following the launch of Dencun. According to Dune data, after the Dencun update went live on March 13, the number of daily transactions on the Base network increased by fivefold, surpassing the 2 million mark. Prior to the update, Base network users typically conducted around 440,000 transactions per day. However, on March 16, this figure soared into the millions and has continued to grow. Additionally, there has been a significant increase in the number of new users. On March 16 alone, the Base network witnessed the emergence of 666,866 new addresses, marking a 3,200% surge compared to the pre-Dencun update average.
In terms of transaction fees, base users have experienced a reduction of over 60% on average. This trend is not exclusive to Base, as other layer-2 networks built on Ethereum have also witnessed a similar decline. Presently, the Base network has approximately $1.46 billion locked within it, placing it as the sixth-largest layer-2 solution. The leading positions in terms of total capitalization are still held by the Arbitrum and Optimism blockchains, totaling $23 billion.
The Dencun update is anticipated to substantially lower transaction costs for layer-2 networks and introduce crucial enhancements to enhance Ethereum’s scalability. These improvements will optimize scaling and performance, ultimately providing a more efficient and user-centered experience. Noteworthy features such as enhanced transaction processing, reduced gas fees, and increased throughput have been implemented to enhance the efficiency and accessibility of the Ethereum platform.
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