Ethereum L2 reaches 32 million transactions per week: will there be more?
Increased meme coin activity on the base is contributing to this growth.
An increase in the number of active addresses could boost this figure in the coming weeks.
Tier 2 projects built on the #BTC [ETH] blockchain, such as #BTC [MATIC], have experienced a surge in activity on the blockchain.
According to IntoTheBlock, the number of transactions on the network reached 32 million per week after the Dencun update.
However, the 32 million transactions are not just Polygon transactions; the network also includes Base, #Arbitrum [OP], and Optimism [OP].
On March 13, Ethereum completed the Dencun upgrade. This update reduced the cost of the Layer 2 network. Due to this, an increase in activity was expected.
The number of people over the past three weeks was staggering. However, this indicated that the development goals were working as newcomers did not have to worry about exorbitant gas prices.
When AMBCrypto analyzed the data, it noticed that Polygon was leading in several metrics. However, the base was not outperforming its competitors. For example, Polygon had 4 million transactions on April 5.
Arbitrum, in contrast, had 1.5 million and 801,400 transactions, respectively. However, contrary to Polygon's data, Base outperformed its competitors in terms of fees.
According to our data, Brett [BRETT], a meme coin created on Base, is one of the reasons for the network's dominance. Another reason is TOSHI [TOSHI].
While TOSHI was created as Brian Armstrong's cat face, BRETT was referred to as Pepe's best friend [PEPE] on the Base network.
Over the past 30 days, BRETT's price has risen 79.18%. At the time of publication, the company had a market value of $592 million.
TOSHI's price has risen 46.51% over the same period, with a market capitalization of just over US$ 179 million.
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