New York, United States – The surge in meme coin activity on Base has led to a substantial increase in on-chain transactions for Layer-2 projects built on the popular Ethereum blockchain like Polygon. Since the Dencun upgrade, the networks have collectively witnessed a significant uptick in transactions, reaching 32 million per week according to data from IntoTheBlock. This surge is not limited to Polygon alone, as it also includes Base, Arbitrum, and Optimism.
The Dencun upgrade, which was finalized by Ethereum on March 13th, aimed to reduce costs on Layer-2 networks, ultimately driving higher on-chain activity. As a result, new entrants were not burdened by high gas fees, leading to a sustained increase in activity over the past three weeks. Despite Polygon’s dominance in various metrics, Base has shown to be a strong competitor, particularly in fees generated.
AMBCrypto’s analysis revealed that meme coins like Brett and Toshi, built on Base, played a significant role in the network’s success. Brett, referred to as Pepe’s best friend on the Base chain, experienced a remarkable 79.18% increase in price over the last 30 days, with a market cap of $592 million. Similarly, Toshi, representing Brian Armstrong’s cat, witnessed a 46.51% surge in price, with a market cap slightly above $179 million.
While prices and market caps continue to rise, the total L2 transactions on Ethereum are expected to follow suit. However, the dynamics of active addresses on networks like Polygon, Arbitrum, and Optimism show a decline in user interaction over the past 24 hours. This decrease may impact network activity in the short term, but a potential market recovery could lead to an uptick in active user count and weekly transactions surpassing 32 million.
In conclusion, the evolving landscape of Layer-2 projects on the Ethereum blockchain is driven by a combination of market forces, meme coin activity, and network upgrades. As users navigate the complexities of decentralized finance, the balance between transaction volume, user engagement, and network efficiency will continue to shape the future of blockchain technology.