Ethereum Dencun’s effects – Why Base’s 800% hike on this front comes with a ‘but’

  • Base surpassed Arbitrum and Optimism in transaction volume.
  • Despite initial neglect, Base has started to gain traction.

While Arbitrum [ARB] and Optimism [OP] witnessed an uptick in activity and price movement moments after the Dencun upgrade, Base did not receive much attention.

However, as time passed, the tides changed in Base’s favor. Recent developments suggest a shift in the dynamics, potentially positioning the protocol as a front-runner in the L2 race.

Activity on the rise

Recent data indicated that activity on Base surged notably, marked by a significant increase in the number of transactions. In the last 24 hours, the daily active users on the network grew by 800%.

On the 16th of March, Base recorded its highest number of transactions, reaching 2,115,080.

The total distinct addresses on the network have also been on the rise, with a daily increase of 833k, culminating in a remarkable total of 67,790,726 addresses as of the 16th of March, setting a local ATH.

Additionally, the number of verified contracts on the network reached 672, further underscoring its growing ecosystem.

Screenshot 2024 03 18 at 12.09.46 PM

Source: X

Notably, Base outpaced both Arbitrum and Optimism in terms of active addresses on the network.

This surge in activity has propelled Base to surpass its counterparts in terms of transaction volume as well, signaling a promising trajectory for the protocol.

Screenshot 2024 03 18 at 12.11.09 PMScreenshot 2024 03 18 at 12.11.09 PM

Source: Artemis

TVL declines

However, while Base has seen remarkable growth in transaction volume and active addresses, its performance in the DeFi sector has been less stellar.

In terms of Total Value Locked (TVL), Arbitrum led the pack at press time, closely followed by Optimism. However, Base has emerged as a strong contender of late.

Similarly, in DEX volumes, Arbitrum continued to dominate at press time, but Base has made significant strides, claiming the second position ahead of Optimism.

The heightened activity on the network has translated into increased revenue generation for the Base protocol.

Surpassing Optimism and Arbitrum in revenue generated, Base’s robust performance underscored its growing prominence in the L2 ecosystem.

Screenshot 2024 03 18 at 12.12.58 PMScreenshot 2024 03 18 at 12.12.58 PM

Source: Artemis

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