{"id":16081,"date":"2024-03-21T11:15:20","date_gmt":"2024-03-21T11:15:20","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=16081"},"modified":"2024-03-21T10:05:37","modified_gmt":"2024-03-21T10:05:37","slug":"coinbases-base-network-sees-explosive-growth","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/coinbases-base-network-sees-explosive-growth\/","title":{"rendered":"Coinbase&#8217;s Base Network Sees Explosive Growth"},"content":{"rendered":"<p>The Ethereum Layer 2 network, Base, developed by Coinbase, is experiencing a surge in activity. According to DefiLlama data, daily trading volume on Base skyrocketed to a new all-time high of $356 million on Tuesday, marking a significant 51% increase from the previous day.<\/p>\n<p>This growth extends beyond trading volume. Base&#8217;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.<\/p>\n<p><strong>Dencun Upgrade Fuels Activity<\/strong><\/p>\n<p>Earlier in March, Base witnessed a significant spike in activity following the rollout of the Dencun <a href=\"https:\/\/coinengineer.net\/blog\/the-ethereum-foundation-under-investigation-by-state-authority\/\">Ethereum<\/a> 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.<\/p>\n<p><strong>Reduced Fees Drive Adoption<\/strong><\/p>\n<p>Experts believe the recent surge in activity on Base can be attributed to the Dencun upgrade&#8217;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&#8217;s activity occurred during a brief spike in average transaction fees, exceeding $1.<\/p>\n<p><strong>Coinbase Fostering Growth<\/strong><\/p>\n<p>Analysts predict continued growth for Base, fueled by Coinbase&#8217;s efforts to connect its user base to the on-chain economy. The recent unveiling of Coinbase&#8217;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.<\/p>\n<div class=\"response-container-content ng-tns-c2554761050-189\">\n<div class=\"response-content ng-trigger ng-trigger-responsePopulation ng-tns-c2554761050-189 ng-animate-disabled\">\n<div class=\"markdown markdown-main-panel\" dir=\"ltr\">\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram<\/strong>,<\/a>\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a> channels for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum Layer 2 network, Base, developed by Coinbase, is experiencing a surge in activity. According to DefiLlama data, daily trading volume on Base skyrocketed to a new all-time high of $356 million on Tuesday, marking a significant 51% increase from the previous day. This growth extends beyond trading volume. Base&#8217;s total value locked (TVL)<\/p>\n","protected":false},"author":1,"featured_media":16084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[2073,151,3702,105],"class_list":["post-16081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-base-network","tag-coinbase","tag-dencun","tag-ethereum"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase&#039;s Base Network Sees Explosive Growth - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Earlier in March, Base witnessed a significant spike in activity following the rollout of the Dencun Ethereum upgrade.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/coinbases-base-network-sees-explosive-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase&#039;s Base Network Sees Explosive Growth - 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