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The Layer-2 ecosystem Base, supported by the United States-based cryptocurrency exchange Coinbase, is making a notable performance among Layer-2 ecosystems following the Dencun upgrade. The eagerly awaited Dencun fork on March 13 significantly increased the adoption of Layer-2 solutions on Ethereum. This increase in activity post-upgrade is evident.
The Dencun Upgrade and Layer-2 Ecosystems
Blockchain data analytics platform Intotheblock’s latest analysis indicates an increase in the number of transactions in Ethereum’s Layer-2 solutions following the Dencun upgrade, showing a similar trend. Statistics reveal a staggering 196% increase in transactions on leading Layer-2 platforms, reaching 5.67 million transactions.
Among these, Base accounted for approximately 57% of the transactions, emerging as the largest contributor. They are followed by Arbitrum and Optimism, which carried out 31% and 11% of the transactions, respectively. This significant increase not only shows that Layer-2 scaling solutions are increasingly being adopted and in demand but also indicates the arrival of Base Spring according to Intotheblock’s previous analysis.
Just last week, the transaction volume in the Base ecosystem exceeded 1.6 billion dollars for the first time, managing to surpass even already popular players like Optimism.
Intense Interest in the Base Ecosystem
In addition to these developments, Base has experienced a notable increase in network activity in recent months, primarily driven by a growing craze surrounding memecoin projects. According to a report compiled by blockchain data analytics platform DefiLlama, the total value locked (TVL) in the Base network reached a record level of 1.5 billion dollars on April 9, reflecting a massive 235% increase since the beginning of the year due to the influx of memecoin mania.
In the past few months, Layer-2 networks have seen significant expansion, and Dencun has played an important role in their adoption. An analysis by VanEck even predicts that these scaling solutions could potentially reach a market value of 1 trillion dollars by 2030.
