Explosion of Ethereum Layer 2 transactions: 200% improve after Dencun improve

The extremely anticipated Dencun fork on March 13 has considerably boosted the adoption of Layer 2 options on Ethereum. This was evident from the rise in elevated exercise after the improve.

Intotheblock’s newest evaluation revealed an identical development, as a rise in transactions on Ethereum’s Layer 2 options was famous following the Dencun improve. The statistics point out a staggering 196% improve within the variety of transactions dealt with on the main layer 2 platforms, to a rise of 5.67 million transactions.

• Of those, Base has emerged as the highest contributor, dealing with roughly 57% of transactions. Arbitrum and Optimism observe carefully, processing 31% and 11% respectively.
• This substantial improve not solely highlights the rising adoption and demand of Layer 2 scaling options, but additionally that ‘Base Spring’ has arrived, as evidenced by ITB’s earlier evaluation.
• Simply final week, Base’s transaction quantity topped $1.6 billion for the primary time, surpassing even established gamers like Optimism.

The variety of transactions on ETH layer 2s has skyrocketed after the Dencun improve.

➖The variety of transactions dealt with on high L2s elevated 196% to five.67 million.

➖Base at the moment processes ~57% of those transactions, adopted by Arbitrum and Optimisme with 31% and 11%… pic.twitter.com/tKnL4HXWIZ

— IntoTheBlock (@intotheblock) April 9, 2024

• Moreover, Base has skilled a notable improve in community exercise in current months, primarily fueled by a rising frenzy surrounding memecoins.
• In line with information collected by DefiLlama information, the whole worth (TVL) on the Base community rose to a document excessive of $1.5 billion on April 9, reflecting a whopping 235% improve for the reason that starting of the 12 months, pushed by the inflow of meme coin frenzy into the community.
• In current months, Layer 2 networks have seen vital enlargement, with Dencun enjoying a vital function of their adoption.
• The truth is, VanEck’s evaluation predicted that these scaling options may doubtlessly attain a market cap of $1 trillion by 2030.