Ethereum

Arbitrum

Uniswap

Base

Optimism

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/base-network-transaction-surge-follows-dencun-upgrade" rel="noopener noreferrer nofollow">Base Network Transaction Surge Follows Dencun Upgrade</a><br></p>
<p style="text-align: justify">The Base Network, a Layer-2 solution on <a href="https://en.bitcoinhaber.net/ethereum-innovation-attracts-attention-clave-spearheads-milestone-enhancement-with-eip-7212" rel="noopener noreferrer nofollow">Ethereum</a> backed by <a href="https://en.bitcoinhaber.net/kucoin-agrees-to-exit-new-york-market-and-pay-22-million-following-legal-settlement" rel="noopener noreferrer nofollow">Coinbase</a>, has experienced a meteoric rise in daily transactions following its recent Dencun upgrade. Transaction volumes leapt from 440,000 to an astounding 2 million within days, indicating a significant boost in network activity and user engagement. This growth coincides with a remarkable influx of new users, with figures hitting nearly 667,000, a 3200% jump from previous averages.</p>
<h2 id="transaction-costs-plummet-post-upgrade">Transaction Costs Plummet Post-Upgrade</h2>
<p style="text-align: justify">The Dencun upgrade’s primary contribution to this surge has been its effect on transaction fees. There has been a more than 60% reduction in costs, making network operations more economically accessible. Industry monitors recognize Base as the sixth-largest in the Ethereum Layer-2 landscape, commanding a 4.1% market share with a total value locked at $1.46 billion.</p>
<h2 id="wider-impact-on-layer-2-networks">Wider Impact on Layer-2 Networks</h2>
<p style="text-align: justify">Ethereum’s Dencun upgrade has ushered in a new era for Layer-2 networks by integrating the Ethereum Improvement Proposal (EIP) 4844. This technical enhancement significantly reduces transaction fees by allowing for more efficient data storage, dubbed proto-danksharding. Dune Analytics observes a widespread fee reduction across other leading networks, with drops ranging from 60% to 90%.</p>
<p style="text-align: justify">Despite the fee reduction across Layer-2 networks, Ethereum’s main layer has seen fluctuating costs. Peak activity pushed Layer-1 transaction fees up as Ethereum’s price breached $4,000, but they have since moderated. Gasfees.io reports that while Ethereum transfers cost around $2.1, Uniswap swaps remain costlier, averaging about $16.</p>
<p style="text-align: justify">The Layer-2 ecosystem continues to be led by Arbitrum and Optimism, with a combined total value locked at $23 billion. Post-upgrade, transactions for Uniswap’s Optimism implementation have dropped dramatically, with swap fees touching as low as $0.01, benefiting users and solidifying the platforms’ dominance in the space.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/base-network-transaction-surge-follows-dencun-upgrade" rel="noopener noreferrer nofollow">Base Network Transaction Surge Follows Dencun Upgrade</a></h5>

Base Network Transaction Surge Follows Dencun Upgrade

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