Daily volume on the Base network soars and records an increase of 51%

The Ethereum Layer-2 (L2) network, Base, reached a significant milestone recently, highlighting its growth and development. Daily trading volume on the Base network reached a new high of $356 million on March 20. The growth is equivalent to an increase of approximately 51% compared to the previous day.

Furthermore, the total blocked value (TVL) of the Base network also reached a new historical record, reaching a total of US$745.3 million. The Dune analytical platform observed in a survey that the Base network had daily transactions of 1.65 million and almost 130 thousand new users, on March 20.

Base recorded a quite notable increase in its activity in early March following the launch of the Ethereum Dencun upgrade, managing to feature over 1 million transactions on March 17th. Before the upgrade, the network processed around 440,000 transactions.

It is worth remembering that the analytics platform IntoTheBlock recently noted that the Ethereum L2, Base network reached a significant milestone by surpassing 1 million active addresses, taking first place among Ethereum Layer 2s. “Although activity has since slowed, this event raises an intriguing question: Is this a glimpse of the future?” the analysis asked.

The Ethereum Layer-2 (L2) networks, where projects like Optimism, Zora and Base have seen a significant drop in transaction costs. This development is a direct result of the recent implementation of the Dencun update, a milestone that is being celebrated by users and developers in the community.

Jesse Pollak, a key figure at Base L2 incubated by the giant Coinbase, highlighted the change as “dramatic”, to the point where digital wallets need to adjust their systems to show additional decimal places. That’s because transaction fees have dropped to less than a cent, a phenomenon illustrated by Pollak through a screenshot on X, demonstrating that transactions that previously cost $0.31 now cost a mere $0.0005.

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