The long-awaited Dencun fork on March 13th significantly accelerated the adoption of layer 2 solutions on Ethereum. This was evidenced by the spike in activity after the upgrade.
Intotheblock’s latest analysis reveals a similar trend, noting a spike in the number of transactions on Ethereum’s Layer 2 solution after the Dencun upgrade. Statistics show that transactions settled on major Layer 2 platforms increased by a whopping 196%, reaching 5.67 million transactions.
- Among them, Base has emerged as the major contributor, processing around 57% of transactions. Arbitrum and Optimism follow closely, with processing rates of 31% and 11%, respectively.
- This significant increase not only highlighted the increased adoption and demand for Layer 2 scaling solutions, but also the emergence of “Base Spring” according to ITB's previous analysis.
- Just last week, Base's trading volume exceeded $1.6 billion for the first time, thereby surpassing even established players like Optimism.
- Additionally, Base has seen a noticeable increase in network activity in recent months, primarily due to the growing enthusiasm surrounding meme coins.
- Total value locked (TVL) on the Base network soared to an all-time high of $1.5 billion on April 9, according to data compiled by DefiLlama Data. This reflects a staggering 235% increase since the beginning of the year due to the influx of memes. Coin craze for the network.
- Over the past few months, Layer 2 networks have expanded significantly, and Dencun is playing a pivotal role in their deployment.
- VanEck's analysis even predicts that these scaling solutions could reach $1 trillion in market capitalization by 2030.
