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Base, Coinbase’s layer-2 blockchain initiative for reducing Ethereum transaction fees, seems to be witnessing massive demands of increased network activity. As a result, its TVL also rose sharply, hitting a new milestone, surpassing $2 billion this week.from L2Beat, Base’s current TVL stands at $2.27 billion, increasing by over 230% YTD. Over the past seven days alone, this figure has grown by almost 50%.
This increase can be attributed to the Dencun upgrade, which significantly reduced Layer 2 transaction fees, rendering the Layer 2 network a more economical choice for Ethereum transactions. Despite a temporary increase in average transaction fees to above $1, the level of activity remained strong.
Meanwhile, the daily influx of new users on Base spiked to over 666k on the same day, marking an impressive 3,200% increase compared to the average in the weeks leading up to Dencun.Base Mainnet experienced high traffic and rising fees last week, with some users witnessing transaction delays due to insufficient fees. The situation was also aggravated by certain wallets, like Coinbase Wallet, lacking transaction cancellation features.
However, Dencun could potentially be a game-changer in this aspect, potentially positioning Base as the hub for the next wave of meme coin frenzy.One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
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