Base Network, a Coinbase-backed Ethereum layer-2 solution, has seen a significant increase in its daily volume, reaching $356M, with its Total Value Locked (TVL) peaking at $745M following the Dencun upgrade. The network recorded 1.65 million daily transactions and nearly 130,000 new users. However, transaction costs on Base have spiked due to increased activity from trading bots willing to pay high priority fees, making it more expensive than other L2 solutions that use blobs. Despite the implementation of the Decun Upgrade's Blobs feature, aimed at lowering fees and increasing throughput, Base remains the costliest Ethereum layer-2 network, with average fees ranging from $0.0857 to $0.5582. In the past 24 hours, Base users paid approximately 478 ETH in fees, with $1.4M going to Coinbase, $177k to Optimism, and $1.8k to Ethereum. The network did $1.57M in transaction fees yesterday, indicating a high demand for block space. The introduction of EIP-4844, which cuts Ethereum transaction fees for Layer 2 solutions by up to 98% by introducing blobs for data posting, shows promising signs for scaling to over a billion on-chain users.
EIP-4844 dramatically cuts Ethereum transaction fees for Layer 2 solutions by up to 98%. It introduces "blobs" for data posting, using temporary storage and a separate fee market, making Ethereum more scalable and transactions cheaper. This upgrade boosts transactions per second⦠https://t.co/dbnxQsY7No
EIP-4844 is just the beginning of the @Base journey to scale to over a billion onchain users, but it already shows promising signs by making OP stack layer 2s competitive on fees with Solana. The data shows fees have increased in recent days, driven by more usage and volume. π https://t.co/dPtzHIb7VS
Base did a whopping $1.57M in transaction fees yesterday, paying only $5k to post the data to Ethereum. The shows 1) DA is not the bottleneck, execution is and 2) the users are here and have a high demand for blockspace. We'll see if this level of activity sustains https://t.co/LPX5FF0u2P
π Despite implementing the #Decun Upgrade's Blobs feature for lower fees & higher throughput, #Coinbase-backed #Base remains the costliest #Ethereum layer-2 network. Avg. fees range from $0.0857 to $0.5582. https://t.co/9AZHfOM7BH
Number of atomic arbitrage bots on @base on the rise lately src: https://t.co/moVCbcGbYC https://t.co/AbNiSCX1hY
In the past 24 hours @base users paid ~478 ETH in fees ~407 ETH ($1.4M) to @Coinbase ~71 ETH ($177k) to @Optimism ~.31 ETH ($1.8k) to @Ethereum h/t @MSilb7 https://t.co/PCAAildTcD
BASED VOLUME Banana Base volume rocketed yesterday above $10M, almost contesting the bizarre Solana volumes and already up and above our Ethereum volume. Our EVM bot is being worked on to provide you the best experience on Base too, so expect some updates soon! https://t.co/B65xH1Q0bo
1/ Transaction costs on Base spiked today. The cause appears to be increased activity from trading bots willing to pay high priority fees. As a result, Base has been more expensive to transact on today than other L2s that use blobs. https://t.co/smjsd1lcNl
π Base Network's Daily Volume Rockets to $356M, TVL Hits Peak of $745M π Following the Dencun upgrade, activity on @base outshines competitors with 1.65M daily transactions & nearly 130K new users. https://t.co/dnuXhpLPkv