The much-anticipated Dencun fork, rolled out on March 13th, has significantly accelerated the adoption of Layer 2 solutions within the Ethereum ecosystem. This surge in adoption became evident through a notable increase in activity following the upgrade.
In its latest analysis, Intotheblock observed a corresponding uptick in transactions on Ethereum’s Layer 2 solutions post the Dencun upgrade. The data revealed an impressive 196% surge in transactions processed across leading Layer 2 platforms, totaling 5.67 million transactions.
Notably, Base emerged as the frontrunner, facilitating around 57% of these transactions. Close behind are Arbitrum and Optimism, handling 31% and 11% respectively.
This significant increase not only underscores the rising demand for Layer 2 scaling solutions but also validates the arrival of the ‘Base Spring,’ as previously speculated by ITB. Just last week, Base’s transaction volume surpassed $1.6 billion for the first time, outpacing established players like Optimism in the process.
Following the Dencun upgrade, transactions on ETH layer 2s have surged dramatically.
- The number of transactions settled on the top L2s has surged by 196% to reach 5.67 million.
- Base currently handles approximately 57% of these transactions, followed by Arbitrum and Optimism with 31% and 11% respectively.
Moreover, Base has witnessed a substantial uptick in network activity in recent months, largely driven by the increasing frenzy around memecoins. DefiLlama’s data reveals that the total value locked (TVL) on the Base network reached a record high of $1.5 billion on April 9th, marking a remarkable 235% increase since the beginning of the year, propelled by the surge of meme coin activity on the network.
Layer 2 networks have seen significant expansion in recent months, with Dencun playing a crucial role in their adoption. VanEck’s analysis even suggests that these scaling solutions could potentially achieve a market capitalization of $1 trillion by 2030.