The highly anticipated Dencun fork on March 13th has significantly boosted the adoption of Layer 2 solutions on Ethereum. This was evidenced by the surge in increased activity post-upgrade. Intotheblock’s latest analysis revealed a similar trend as it noted a surge in the number of transactions on Ethereum’s layer 2 solutions after the Dencun upgrade. The statistics indicate a staggering 196% rise in transactions settled on the leading layer 2 platforms, climbing 5.67 million transactions. Among these, Base has emerged as the primary contributor, handling approximately 57% of the transactions. Following closely are Arbitrum and Optimism, processing 31% and 11%, respectively. This substantial uptick not only highlighted the growing adoption and demand of Layer 2 scaling
Topics:
Chayanika Deka considers the following as important: AA News, BASE, social
This could be interesting, too:
Chayanika Deka writes Yuga Labs Secures Major Win as SEC Closes Investigation Without Charges
Andrew Throuvalas writes Bitcoin Soars Back To ,000 After BlackRock CEO Says “Buy The Dip”
Chayanika Deka writes XRP, SOL, and ADA Inclusion in US Crypto Reserve Pushes Traders on Edge
Chayanika Deka writes Why Arthur Hayes Is Bullish on Bitcoin Under Trump’s Economic Strategy
The highly anticipated Dencun fork on March 13th has significantly boosted the adoption of Layer 2 solutions on Ethereum. This was evidenced by the surge in increased activity post-upgrade.
Intotheblock’s latest analysis revealed a similar trend as it noted a surge in the number of transactions on Ethereum’s layer 2 solutions after the Dencun upgrade. The statistics indicate a staggering 196% rise in transactions settled on the leading layer 2 platforms, climbing 5.67 million transactions.
- Among these, Base has emerged as the primary contributor, handling approximately 57% of the transactions. Following closely are Arbitrum and Optimism, processing 31% and 11%, respectively.
- This substantial uptick not only highlighted the growing adoption and demand of Layer 2 scaling solutions but also that ‘Base Spring’ has arrived as per ITB’s previous analysis.
- Just last week, Base’s transaction volume climbed above $1.6 billion million for the first time even surpassing already established players like Optimism as a result.
The number of transactions on ETH layer 2s has skyrocketed following the Dencun upgrade.
➖The number of transactions settled on the top L2s has increased by 196% to 5.67M.
➖Base currently processes ~57% of these transactions, followed by Arbitrum and Optimism with 31% and 11%… pic.twitter.com/tKnL4HXWIZ
— IntoTheBlock (@intotheblock) April 9, 2024
- Besides, Base has experienced a notable increase in network activity over recent months, primarily fueled by a growing frenzy surrounding memecoins.
- According to data compiled by DefiLlama data, the total value locked (TVL) on the Base network soared to a record high of $1.5 billion on April 9th, reflecting a whopping 235% rise since the start of the year, driven by the influx of meme coin frenzy into the network.
- Over the past couple of months, Layer 2 networks have noted significant expansion, with Dencun playing a pivotal role in their adoption.
- VanEck analysis even predicted that these scaling solutions could potentially reach a $1 trillion market capitalization by 2030.