The Impact of Dencun Fork on Ethereum’s Layer 2 Solutions Adoption
The Dencun fork on March 13th has sparked a surge in the adoption of Layer 2 solutions on Ethereum, with a significant increase in activity post-upgrade. Intotheblock’s analysis revealed a 196% rise in transactions settled on leading layer 2 platforms, totaling 5.67 million transactions.
Base has emerged as the primary contributor, handling 57% of the transactions, followed by Arbitrum and Optimism at 31% and 11% respectively. This uptick showcases the growing demand for Layer 2 scaling solutions, with Base experiencing a surge in network activity fueled by meme coin frenzy.
DefiLlama data shows that the total value locked on the Base network reached a record high of $1.5 billion on April 9th, marking a 235% increase since the start of the year. The growth of Layer 2 networks, driven by the Dencun upgrade, has led to predictions by VanEck that these solutions could reach a $1 trillion market capitalization by 2030.
The Dencun fork has undoubtedly had a significant impact on the Ethereum ecosystem, driving the adoption of Layer 2 solutions and paving the way for further growth in the decentralized finance space.
