On March 29, the number of transactions on the Base network reached a new historical high of 2.27 million. Experts attribute the increase in blockchain metrics to the Dencun upgrade on Ethereum. The activity in the network has significantly increased since mid-March 2024. The total value locked (TVL) in the network has also surpassed $1 billion, currently standing at $1.11 billion.

The Dune platform reported that on March 29, 2024, the Base network recorded 2.27 million transactions, marking a new historical high. This surge in activity can be seen in the graph provided by Dune. The sudden rise in transactions indicates a growing interest and usage of the Base network.

Additionally, the TVL in the Base network has exceeded $1 billion. At the time of writing, it stands at $1.11 billion. This demonstrates the significant value that users are entrusting to the network.

The increase in activity and TVL can be attributed to the Dencun upgrade in the Ethereum blockchain. The upgrade resulted in significantly reduced fees on the second layer, leading to a higher number of transactions and increased TVL. This improvement in fee structure has incentivized users to engage more actively with the network.

Furthermore, on March 29, the trading volume on decentralized exchanges (DEX) in the Base network also reached a new historical high of $669.12 million. This indicates a growing interest in decentralized trading and showcases the potential of the Base network as a platform for decentralized finance.

Overall, the Base network has experienced significant growth in transaction volume, TVL, and trading volume on DEXs. The Dencun upgrade in the Ethereum blockchain has played a crucial role in driving this growth by reducing fees and increasing user engagement. As the Base network continues to attract more users and gain traction in the decentralized finance space, it will be interesting to see how it further evolves and contributes to the broader blockchain ecosystem.