The daily transaction volume on Coinbase Ethereum’s Base-2 network has surged to a record-breaking 2 million on March 16th, just a few days after the Dencun upgrade.
Before the upgrade, Base-2 processed around 440,000 transactions per day. The next day, that number jumped to 1.1 million and continued to increase in the following days, reaching 2,064,920 on March 16th.
The daily number of new users on Base-2 also skyrocketed to 666,866 on March 16th, increasing by a significant 3,200% compared to the average in the days before the Dencun upgrade.
The surge in transaction volume is directly related to a significant reduction in transaction fees for Base after the Dencun upgrade. According to Blockscout, the average transaction fee on Base has decreased by over 60% since the upgrade.
Base, launched by Coinbase in August, is the sixth-largest Layer 2 ecosystem on Ethereum, with a total locked value of $1.46 billion and a 4.1% market share of Layer 2, according to L2beat.
The Ethereum Dencun upgrade implemented EIP-4844, helping to reduce Layer 2 transaction fees by introducing data color or proto-danksharding spots. The upgrade has improved the availability of L2 data, reducing up to 90% of gas costs for some networks.
According to Dune Analytics, the average transaction fees on the leading Layer 2 networks Arbitrum, Optimism, Base, and zkSync Era have decreased by 60% to 90% after the upgrade.
