Dencun Upgrade Boosts Daily Transactions to 2M, Surging Ahead in the Crypto World

Record Transactions and New Users on Coinbase Ethereum Layer-2 Network Base After Dencun Upgrade

The recent Dencun upgrade has caused a surge in activity on the Coinbase Ethereum layer-2 network Base, with daily transactions reaching a record 2 million on March 16. This is a significant increase from the previous average of 440,000 transactions per day.

In addition to the spike in transactions, daily new users on Base also skyrocketed to 666,866 on March 16, marking a 3,200% increase from the average before the Dencun upgrade. This surge in activity has been attributed to the significant reduction in fees on Base since the upgrade, with average transaction fees dropping by over 60% according to Blockscout.

But what exactly is the Dencun upgrade and how does it relate to the increase in transactions and new users on Base? Let’s explore the differences between web 1.0, 2.0, and 3.0 and how the Dencun upgrade fits into the evolution of the internet.

The Dencun upgrade can be seen as a step towards web 4.0, with its focus on improving the user experience and reducing fees. This is similar to the goals of web 2.0, which aimed to make the internet more interactive and user-friendly. However, the Dencun upgrade also incorporates elements of web 3.0, such as decentralization and blockchain technology.

So, what does this mean for the future of Base and the crypto world as a whole? With the success of the Dencun upgrade and the increasing popularity of layer-2 solutions, it’s clear that the demand for faster and cheaper transactions in the crypto space is only going to continue to grow. As for specific coins, both Elon Crypto Coin and Gala Crypto Coin have been making waves in the market, so keep an eye out for their progress.

For those looking to stay on top of the latest crypto trends, a crypto tracker like Coinbase is a valuable tool. With its user-friendly interface and reliable data, Coinbase is a popular choice for tracking and managing crypto investments.

The Impact of Ethereum Layer-2 Networks on Transaction Fees and Market Share

Coinbase launched Base in August, making it the sixth-largest network in the Ethereum layer-2 ecosystem. With a total value locked of $1.46 billion and a 4.1% market share, Base has quickly established itself as a major player in the layer 2 space, according to industry tracker L2beat.

The recent Ethereum Dencun upgrade, which implemented Ethereum Improvement Proposal 4844, has had a significant impact on layer-2 transaction fees. By introducing data blobs or proto-danksharding, the upgrade has enhanced L2 data availability and reduced gas costs by up to 90% for some networks.

According to Dune Analytics, the average transaction fees on leading layer-2 networks Arbitrum, Optimism, Base, and zkSync Era have decreased by 60% to 90% following the upgrade. Despite this, Arbitrum and Optimism still dominate the layer-2 ecosystem, with a combined total value locked of $23 billion and a market share of 42% and 23%, respectively.

As the layer-2 ecosystem continues to evolve and improve, it is clear that the differences between web 1.0, 2.0, and 3.0 are becoming more apparent. With the introduction of layer-2 networks, the fight for dominance in the crypto world is heating up, and platforms such as Coinbase are essential for tracking and managing these digital assets.

Gas fees for token swaps on decentralized exchange Uniswap’s Optimism deployment dropped to as low as $0.01 after the launch of Dencun, according to Hayden Adams, the founder of the protocol.

Meanwhile, Ethereum layer-1 gas fees have been high in recent times due to the asset’s surge past $4,000, but have since decreased. Currently, a transfer of Ether (ETH) costs around $2.1, while a transfer of USD Coin (USDC) costs around $5. However, a swap on Uniswap is priced at approximately $16, as reported by Gasfees.io.