Ethereum\u2019s highly-anticipated March 13 Dencun fork has bolstered Layer 2 adoption, with active addresses and transaction volume both trending near all-time highs following the upgrade.<\/p>\n
According to data from L2beat, combined daily Layer 2 throughput tagged its second highest level on record at roughly 136.5 transactions per second (TPS) on March 16, just a few days after\u00a0Dencun\u2019s execution<\/a>.<\/p>\n The current all-time high of 149.5 TPS was set in mid-December amid a short-lived bubble of\u00a0skyrocketing inscription activity<\/a>\u00a0across Layer 2 networks.<\/p>\n Daily transaction count volume on leading Layer 2s supporting\u00a0EIP-4844<\/a>, the principal upgrade included in the Dencun fork that drove L2 transaction fees down, has more than doubled over the past seven days.<\/p>\n Data from GrowThePie shows weekly transaction count increases of 100% on Arbitrum, 124% on OP Mainnet, 187% on Base, and 179% on Starknet. GrowThePie also shows increases in the number of\u00a0active addresses<\/a>\u00a0across said networks of between 17%, 75%, 81%, and 89% over the same period.<\/p>\n While the recent uptick on market volatility has likely contributed to the number of transactions jumping, many on-chain traders appear to be migrating over to Layer 2 after Dencun reduced fees on leading Layer 2s by\u00a0more than 80%<\/a>.<\/p>\n According to GrowThePie, average transaction fees have dropped by\u00a098%<\/a>\u00a0on Base, OP Mainnet, and\u00a0Starknet<\/a>\u00a0over seven days following Dencun, while fees on Arbitrum and ZkSync Era are down 96% and 86% respectively.<\/p>\n Dencun\u2019s activation coincides with persistently high transaction fees on the Ethereum mainnet, driving up ETH\u2019s burn-rate.<\/p>\n According to Ultra Sound Money,\u00a043.5%<\/a>\u00a0of ETH burned after The Merge \u2014 Ethereum\u2019s September 2022 upgrade that\u00a0introduced Proof of Stake<\/a>\u00a0consensus and dramatically reduced new Ether issuance \u2014 were removed from supply since the start of November, despite the period making up only 25% of time elapsed since The Merge.<\/p>\n <\/p>\n Start for free<\/a><\/div>\n <\/p>\n The supply of Ether is down by nearly 450,000 ETH since The Merge went live, comprising annual deflation of almost 0.25%. Annual deflation has trended at a rate of 0.91% over the past 30 days.<\/p>\n In other Ethereum news, the Ethereum Foundation\u2019s Tim Beiko\u00a0issued<\/a>\u00a0a \u201cfinal announcement\u201d reminding testnet users to migrate onto Sepolia or Holesky in preparation for the deprecation of the long-running\u00a0Goerli network<\/a>\u00a0on March 18.<\/p>\n Beiko noted that while Georli was scheduled to operate for roughly one month following Dencun, \u201cnearly all validators\u201d have already shut down support for Goerli.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" L2 throughput approaches all-time highs following Dencun and amid an uptick in market volatility. Ethereum\u2019s highly-anticipated March 13 Dencun fork has bolstered Layer 2 adoption, with active addresses and transaction volume both trending near all-time highs following the upgrade. According to data from L2beat, combined daily Layer 2 throughput tagged its second highest level on […]<\/p>\n","protected":false},"author":2,"featured_media":268438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-268436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/268436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=268436"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/268436\/revisions"}],"predecessor-version":[{"id":268443,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/268436\/revisions\/268443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/268438"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=268436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=268436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=268436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F23828a585ea5d251913e73415d97c41c1e924426-1322x434.png&w=828&q=100\")
\n