The daily transaction volume of Base, the Ethereum Layer 2 network incubated by Coinbase, has experienced significant growth over the last week — likely driven by low transaction fees following the Dencun upgrade.

This Layer 2 network witnessed a sudden spike in daily users and transactions, reaching record highs shortly after the Dencun upgrade. This led to a dramatic drop in transaction fees on most Layer 2s, including Base.

The number of daily transactions on the Base network was about 440,000 just before Dencun. The transaction count, based on a seven-day moving average, reached a new peak of over 1.05 million transactions on March 17 — just days after the Dencun upgrade, according to The Block’s data dashboard.

This surpassed the transaction volumes of other leading optimistic …