Base, Coinbase’s layer-2 blockchain initiative for reducing Ethereum transaction fees, seems to be witnessing massive demands of increased network activity. As a result, its TVL also rose sharply, hitting a new milestone, surpassing $2 billion this week.
One of the major reasons for the surge in activity of Base was the activation of the Dencun upgrade.
Base’s TVL Growth
According to data from L2Beat, Base’s current TVL stands at $2.27 billion, increasing by over 230% YTD. Over the past seven days alone, this figure has grown by almost 50%.
This increase can be attributed to the Dencun upgrade, which significantly reduced Layer 2 transaction fees, rendering the Layer 2 network a more economical choice for Ethereum transactions. Despite a temporary increase in average transaction fees to above $1, the level of activity remained strong.
The Dencun upgrade, which went live on March 13, aims to lower transaction…
