- Increased meme coin activity on Base contributed to the rise.
- A surge in active addresses is likely to improve that number in the coming weeks.
Layer 2 project built on Ethereum [ETH] Blockchain like Polygon [MATIC] We are experiencing a surge in on-chain activity.
According to Into the Block, transaction Since the Dencun upgrade, the number of hits on the network has reached 32 million weekly.
However, the 32 million transactions are not just for Polygon, they also include Base and Arbitrum. [OP]and optimism [OP].
Source:X
Ethereum completed the Dencun upgrade on March 13th. For the uninitiated, this upgrade helped reduce the cost of Layer 2 networks. Therefore, it was expected that there would be an increase in activity.
No more gatekeeping
Maintaining this number over the past three weeks is amazing. However, the fact that new entrants did not have to worry about exorbitant gas prices was proof that the development objectives were working.
AMBCrypto analyzed the data and found that Polygon led in several metrics. But Base kept it. For example, transactions at Polygon were 4 million on April 5th.
Meanwhile, Base had 3 million and Arbitrum had 1.5 million and 801,400 respectively. But another thing we noticed is that despite Polygon's numbers, Base was beating it in terms of fees incurred.
From our findings, Brett [BRETT], the meme coin built on Base was one of the reasons the network became dominant.The other person was Toshi. [TOSHI].
TOSHI was created as Brian Armstrong's cat face, while BRETT was called Pepe's cat [PEPE] A good friend of the Base chain.
In the past 30 days, BRETT's price has increased by 79.18%. At the time of writing, the market capitalization was $592 million.
TOSHI's price increased by 46.51% during the same period, giving it a market cap of just over $179 million.
Such numbers suggest that the price and market cap could rise further. In this case, the total L2 transactions on Ethereum may increase further in the future.
the tide has turned
However, the dynamics are different when it comes to active addresses. According to Santiment data, there were 2133 24-hour active addresses on Polygon.
At Arbitrum, the price was even lower at $15,500. Meanwhile, 10,000 people were optimists. Active addresses measure the daily level of interaction within your network.
Source: Santiment
But what these indicators have in common is that they all decreased.
Comparing the activity and number of trades, we can see that fewer market participants are involved in more trades from the Polygon side.
Whether it's realistic or not, MATIC's market capitalization in ETH is as follows:
In the short term, reduced user interaction is likely to reduce network activity on Ethereum L2.
However, that could change if the market recovers from “wait-and-see” mode. In this case, the number of active users will increase and weekly transactions could exceed his 32 million.
