Base Network’s Trading Activity Soars: Daily Volume Surges 51% to 356 Million Dollars

Crypto News- The Ethereum Layer 2 platform, Base, has witnessed an unprecedented surge in its daily trading volume, reaching a remarkable $356 million on Tuesday. This represents a staggering 51% increase from the previous day, as reported by DefiLlama data.

Base Network’s Trading Activity Soars: Daily Volume Surges 51% to 356 Million Dollars

In addition to the surge in trading volume, Base has also achieved a new milestone in its total value locked (TVL), soaring to an all-time high of $745.3 million, according to available data sources. Remarkably, the network has processed a staggering 1.65 million daily transactions and onboarded nearly 130,000 new users on Wednesday alone, according to insights from analytics platform Dune.

This surge in activity can be traced back to the recent rollout of Dencun on Base earlier this month, which witnessed a remarkable uptick in transactions, surpassing the 1 million mark on March 17. This surge has positioned Base ahead of its competitors like Arbitrum and Optimism in terms of on-chain activity.

Joe Caselin of BIT Credits Ethereum’s Dencun Upgrade for Base Network’s Surge

Joe Caselin, head of institutional marketing at BIT, attributes this surge in activity to Ethereum’s Dencun upgrade, which significantly slashed transaction fees on Layer 2 networks, making Base one of the most cost-effective options in the market.

Despite the recent spike in average transaction fees to over $1, analysts remain bullish on Base’s growth prospects. Coinbase’s efforts to integrate its users into the on-chain economy are further bolstered by the recent introduction of its smart wallet. This development is anticipated to empower traders to seamlessly utilize their balances on the crypto exchange directly on-chain, signaling a promising trajectory for Base’s continued expansion.