According to DefiLlama data, daily trading volume on the Coinbase Ethereum layer-2 network Base surged by 51% since Monday, reaching a record high of $356 million.
Joe Caselin, head of institutional marketing at BIT, attributes Base’s success to Ethereum’s Dencun update, which decreased Layer 2 transaction fees and made Base a cheap Ethereum option. Even after average transaction costs rose briefly to more than $1, activity remained strong.
Furthermore, the network’s total value locked (TVL) grew to an unprecedented $745.3 million. Dune statistics reveal that daily transactions peaked at 1.65 million, with over 129,000 new users signing up on Wednesday
As Coinbase integrates users into the on-chain economy, researchers believe that Base will continue to expand. Coinbase has released their smart wallet, which allows traders to view their exchange accounts directly on the blockchain.
The increased activity on Coinbase’s Base network demonstrates the Ethereum ecosystem’s growing need for cost-effective solutions.
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