2024-04-15
Dencun fork anticipation on March 13th has had a tremendous impact on the adoption of Layer 2 solutions on Ethereum.
This was evident from the significant increase in activity after the upgrade.
In a recent analysis by Intotheblock, it was found that there was a similar trend of increased transactions on Ethereum's layer 2 solutions following the Dencun upgrade.
The statistics show a staggering 196% surge in settled transactions on the leading layer 2 platforms, reaching a total of 5.67 million transactions.
Among these platforms, Base has emerged as the primary contributor, accounting for approximately 57% of the transactions. Close behind are Arbitrum and Optimism, handling 31% and 11% of the transactions respectively.
This substantial increase not only highlights the growing adoption and demand for Layer 2 scaling solutions, but also confirms the previous analysis by ITB that 'Base Spring' has arrived.
Just last week, Base's transaction volume exceeded $1.6 billion, surpassing established players like Optimism for the first time.
Furthermore, Base has experienced a significant surge in network activity in recent months, fueled primarily by the frenzy surrounding memecoins.
According to data from DefiLlama, the total value locked (TVL) on the Base network reached a record high of $1.5 billion on April 9th, marking a remarkable 235% rise since the beginning of the year, driven by the influx of meme coin frenzy.
Over the past few months, Layer 2 networks have witnessed substantial growth, with Dencun playing a pivotal role in their adoption.
According to VanEck analysis, these scaling solutions have the potential to reach a market capitalization of $1 trillion by 2030.
