According to CryptoPotato, the Dencun upgrade on Ethereum, which took place on March 13th, has significantly increased the adoption of Layer 2 solutions. This was evident from the surge in activity following the upgrade. Intotheblock's recent analysis also confirmed this trend, noting a significant increase in the number of transactions on Ethereum's Layer 2 solutions post-upgrade. The data shows a remarkable 196% rise in transactions settled on the leading Layer 2 platforms, with a total of 5.67 million transactions.
Base has emerged as the primary contributor, handling approximately 57% of the transactions. Arbitrum and Optimism followed closely, processing 31% and 11% of the transactions, respectively. This significant increase not only underscores the growing adoption and demand for Layer 2 scaling solutions but also indicates that 'Base Spring' has arrived, as per Intotheblock's previous analysis. Last week, Base's transaction volume exceeded $1.6 billion for the first time, even surpassing established players like Optimism.
In recent months, Base has seen a significant increase in network activity, largely driven by the growing interest in memecoins. Data compiled by DefiLlama shows that the total value locked (TVL) on the Base network reached a record high of $1.5 billion on April 9th, reflecting a massive 235% increase since the start of the year. This growth was fueled by the influx of meme coin frenzy into the network.
Over the past few months, Layer 2 networks have seen significant expansion, with the Dencun upgrade playing a crucial role in their adoption. An analysis by VanEck even suggested that these scaling solutions could potentially reach a market capitalization of $1 trillion by 2030.