Following the Dencun upgrade on March 16th, a notable process is unfolding within Layer-2 ecosystems. In particular, the Layer-2 network Base, backed by the United States-based cryptocurrency exchange Coinbase, continues to set new records. What data can be followed for Base, the most popular ecosystem of recent days, which has even surpassed the Ethereum main network in many areas? Let’s examine together.
Intense Interest in the Base Network
According to data from the blockchain data analysis platform Token Terminal, the Base network has made a significant impact over the past month. Despite a drop of up to 90% in transaction fees following the Dencun upgrade, the team managed to increase their revenue by 21 million dollars in the last month, a 200% increase. This momentum occurred even after the significant decrease in transaction fees.
The number of active users also rose by 347% during the same period, reaching a total of 433,420 users. The growing interest in both the token space and the NFT market contributes to this increasing trend, leading to almost daily record-breaking developments. Amid such notable momentum, it’s no surprise that the total number of contracts within the Base ecosystem continues to rise. During this period, with both token and NFT launches, the total number of contracts on the ecosystem reached 3.2 million on April 7th, marking an all-time high.
NFT and Token Hype in the Base Ecosystem
Commission revenues in the Base ecosystem have seen a notable decline over the past two weeks. However, it’s important to remember that this decrease is due to the Dencun upgrade. The recent loss of momentum in both the token and NFT markets is also contributing to the decline in commission revenues.
The NFT market’s recent vibrancy has been a standout in the Base ecosystem. Artists who were frequently heard during the 2021 NFT rally are now flocking to the Base ecosystem. The fact that these collections are generally art-themed and acquired by users through free events is one of the main factors fueling the hype.
According to data from the token trade platform Dex Screener, the Base ecosystem saw a trading volume of 687 million dollars in the last 24 hours, with 1,139,819 contracts successfully completed. The most profitable pair for investors during this period was blue/WETH, which saw a rise of 240,000%.
