This growth extends beyond trading volume. Base’s total value locked (TVL) also hit a record high of $745.3 million, as per data sources. Further data from Dune analytics platform reveals the network processed a staggering 1.65 million daily transactions on Wednesday, alongside welcoming nearly 130,000 new users.

Dencun Upgrade Fuels Activity

Earlier in March, Base witnessed a significant spike in activity following the rollout of the Dencun Ethereum upgrade. On March 17th, the network processed over 1 million transactions, a substantial leap from the pre-upgrade average of around 440,000. Currently, Base boasts more on-chain activity compared to competitors like Arbitrum and Optimism.

Reduced Fees Drive Adoption

Experts believe the recent surge in activity on Base can be attributed to the Dencun upgrade’s impact on Ethereum. This upgrade significantly reduced transaction fees on Layer 2 networks, making Base one of the most cost-effective options for utilizing Ethereum on the market. While Dencun might have been the initial catalyst, data suggests most of Tuesday’s activity occurred during a brief spike in average transaction fees, exceeding $1.

Coinbase Fostering Growth

Analysts predict continued growth for Base, fueled by Coinbase’s efforts to connect its user base to the on-chain economy. The recent unveiling of Coinbase’s smart wallet further strengthens this prediction. This new wallet is expected to empower traders to directly utilize their exchange balances for on-chain transactions.

The post Coinbase’s Base Network Sees Explosive Growth appeared first on Coin Engineer.

The Starknet Foundation is set to roll out optimizations alongside Ethereum’s Dencun upgrade, aimed at significantly reducing transaction fees on its Layer 2 network.

The initiative involves the release of Starknet version 0.13.1 today, aligning with EIP-4844 following the launch of Dencun on the mainnet tomorrow. This update will transition Starknet from utilizing the more expensive “calldata” method for data transactions to the cost-effective “blobs” transaction type, paving the way for substantial fee reductions.

Dubbed EIP-4844 or proto-danksharding, blob transactions are scheduled to be activated on the Ethereum mainnet during the Dencun upgrade at epoch 269568 tomorrow at 13:55 UTC.

Blobs will introduce an additional feature to the network, enhancing data availability without disrupting existing Ethereum infrastructure, thereby leading to cheaper transactions across Layer 2 rollups like Starknet.

Diego Oliva, CEO of the Starknet Foundation, emphasized the potential for Dencun to directly lower fees for users on Starknet, attributing this to the platform’s higher proportion of Data Availability costs where savings will be realized.

Optimizing the Prover (Starknet)

In addition to incorporating EIP-4844, the Starknet Foundation aims to enhance its shared prover (SHARP) infrastructure. STARK technology scales by generating a single proof for each block of transactions.

Rather than transmitting every block’s proof to Ethereum, SHARP aggregates numerous proofs and packs them into batches known as “trains.” Starting this week, the size of these trains will gradually increase, leading to a higher number of Starknet transactions jointly verified on Ethereum, as stated in a release.

In conclusion, Starknet‘s integration of EIP-4844 alongside improvements to its SHARP infrastructure marks a significant step towards enhancing cost efficiency on Ethereum’s Layer 2 network, promising reduced transaction fees and improved scalability for users.

The post Starknet Enhances Cost Efficiency with Dencun Upgrade on Ethereum appeared first on Coin Engineer.

The unveiling of the Dencun upgrade witnessed the activation of blob transactions, also known as EIP-4844 or protodanksharding, on Gnosis Chain. Notably, Blob.Fm, a content-based platform, emerged as the pioneer dapp leveraging blobs on the network, showcasing their practical applications.

Formerly recognized as xDai Chain, Gnosis Chain operates as a sidechain alongside Ethereum under the governance of GnosisDAO. Boasting a total value locked exceeding $320 million, the platform hosts a plethora of dapps, including Balancer, Spark, Aave, and Aura.

Stefan George, the co-founder of Gnosis Chain, expressed enthusiasm about the Dencun activation, stating, “Now you can use blobs to scale Gnosis or post funny pictures using blob.fm.”

The implementation of blob transactions anticipates its integration onto the Ethereum Mainnet during the Dencun upgrade, scheduled to go live at epoch 269568, tomorrow at 13:55 UTC.

Blobs promise to be a transformative addition to the Ethereum network, enhancing data availability without disrupting existing infrastructure. This enhancement is poised to drive down transaction costs across Layer 2 rollups, making decentralized applications more cost-effective and accessible for users.

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The post Gnosis Chain Launches Blobs Ahead of Ethereum’s Dencun Upgrade appeared first on Coin Engineer.

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Dencun’s test on Sepolia began at 22:51 UTC on Tuesday and was quickly completed. Ethereum Foundation DevOps engineer Parithosh Jayanthi said in a tweet, “Blobs are now flowing on Sepolia” and “Eventless Testnet forks are the best!”

Ethereum core developers deployed the upgrade on the Goerli testnet in early January. The upgrade is scheduled to be launched on the third and final testnet, Holesky, on February 7th.

After the third successful Testnet deployment, the Ethereum team is expected to set a Mainnet launch date for Dencun.

One of the features Dencun is expected to bring is proto-danksharding, which aims to improve scalability by reducing gas fees and introducing a new, compressed data storage mechanism called “blobs.”

In a statement, Ethereum co-founder Vitalik Buterin said, “A blob-carrying transaction is like a normal transaction, but it also carries an extra piece of data called a blob. Blobs can be extremely large and can be much cheaper than similar amounts of calldata.“

Ethereum’s last major upgrade, Shapella, was released in March 2023. This upgrade allowed users and validators to withdraw their staked ETH from the network.

The post Ethereum Dencun Upgrade Goes Live on Sepolia Testnet appeared first on Coin Engineer.

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It had previously been announced that the Dencun upgrade had goals such as reducing transaction costs on layer-2 networks, preventing self-destruct transactions, and bringing various features such as new bridges and staking pools.

The necessary preparations had been completed for the upgrade to go live, and the upgrade was about to go live. However, a chain split occurred due to the operation being unable to be completed. This delayed the upgrade from going live by four hours.

The goerli fork finalized! https://t.co/LIa3d4Ml5H

After the fix was patched in, the validators came back online and the chain started finalizing again. The MEV circuitbreaker automatically disables and mev-blocks have started flowing through as well.

Yay client diversity! https://t.co/cLz3ZRxnXq

— parithosh | (@parithosh_j) January 17, 2024

Parithosh Jayanthi emphasized that the quick implementation of the solution once again showed the strength of the team’s debugging systems. The developer underlined that the entire process of Fork -> problem -> prioritization -> correction -> termination took four hours and stated that the new debugging system was great.

It is expected that the problem will be fixed and the version will be implemented by the end of the month.

The next stage of Dencun’s test program will be the upgrade that will be carried out on the Sepolia testnet on January 30. The next test will be seen on the Holesky network on February 7. The Ethereum developer team has not yet announced when Dencun will go live on the main network.

The post What Caused the Problem That Emerged in Ethereum? appeared first on Coin Engineer.