Following the reform of the bank, the base growth will increase to 2 million daily transactions
Daily transactions on Coinbase's Ethereum layer-2 network Base reached a record 2 million on March 16, just days after Denkun's update.
Before the upgrade, Base was handling about 440,000 transactions per day. The next day, this rose to 1.1 million and continued to grow in the following days, reaching 2,064,920 on March 16.
Daily new users on Base also rose to 666,866 on March 16, a 3,200% increase from the average peak for the days leading up to Denkun.
The 350% jump in transactions was linked to a huge discount to the base following Denku's upgrade. According to BlockScout, average transaction fees on Base have decreased by more than 60% since the upgrade.
Launched by Coinbase in August, Base is the sixth largest network in the Ethereum layer-2 ecosystem, with a total value locked in at $1.46 billion and commanding a 4.1% market share of layer 2s, according to industry tracker L2beat.
Ethereum released Dankun update EIP-4844, which reduced layer-2 transaction fees by introducing ledger or proto-danksharding. The update also improved L2 data delivery, which reduced gas costs by up to 90% for some networks.
According to Dune Analytics, average transaction fees on leading Layer-2 networks fell between 60% and 90% following the upgrade of Arbitrum, Optimism, Base and zkSync Era.
Arbitrum and Optimism still dominate the Layer-2 ecosystem with a total of $23 billion locked in, with 42% and 23% market share, respectively.
Related: Denkun update goes live on Ethereum mainnet
According to protocol founder Hayden Adams, token exchange gas fees on the decentralized exchange dropped to $0.01 after Uniswap's Optimism deployment.
Meanwhile, ethereum's Layer-1 gas payments are high recently, with assets up $4,000. An ETH transfer is currently around $2.1, a USDC transfer is around $5, but a swap on Uniswap is $16, Gasfees.io reports.
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