{"id":11836,"date":"2024-03-21T12:38:18","date_gmt":"2024-03-21T10:38:18","guid":{"rendered":"https:\/\/forklog.com\/en\/base-faces-delays-amid-surge-in-on-chain-activity-in-l2-network\/"},"modified":"2024-03-21T12:38:18","modified_gmt":"2024-03-21T10:38:18","slug":"base-faces-delays-amid-surge-in-on-chain-activity-in-l2-network","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/base-faces-delays-amid-surge-in-on-chain-activity-in-l2-network\/","title":{"rendered":"Base Faces Delays Amid Surge in On-Chain Activity in L2 Network"},"content":{"rendered":"<p>On March 20, the daily trading volume in the L2 solution Base reached $369 million, increasing by more than 50% from the previous day. <span data-descr=\"total value locked\" class=\"old_tooltip\">TVL<\/span> of the protocol hit a record high of $761 million.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/ZjY2dbxYFvgRLwjMCu0aUgdEv5Od22FzluLWbiQ_XayNHBeQTtDHWKw5aulxeqTmBcxDRlGaY6o22YS4bPKNaAO8r-eTLiJXs0aD3Zn7CCHlU7jACSWBU_e8veNXK2n4usY9U9H8TRjeeO5mm5aivlo\" alt=\"Base Faces Delays Amid Surge in On-Chain Activity in L2 Network\"\/><figcaption class=\"wp-element-caption\">TVL and trading volume on Base. Data: <a href=\"https:\/\/defillama.com\/chain\/Base?volume=true\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<p>According to the dashboard on <a href=\"https:\/\/dune.com\/sixdegree\/base-blockchain-overview\">Dune<\/a>, the network recorded 1.65 million transactions and 334,000 active users in a single day.\u00a0<\/p>\n<p>Base&#8217;s momentum began to grow following the activation of the Dencun update in Ethereum. After the hard fork launch, fees in the second-layer solution dropped from $0.7 (as of March 13) to a minimum of $0.001.<\/p>\n<p>However, with the increase in transactions, the average gas fee on Base <a href=\"https:\/\/dune.com\/Marcov\/layer-2-transaction-cost\">rose again to $0.5<\/a>.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/VFxA4SQsMZWpM2-Azq-CQEZGgHZ_5Tagh6GJQxRzOV68JKsJmxMW8aomCSLICF6xlQgY8G358zLNrW8LF7SVlVvYtHaMfN6lsp3VD4MQ3ZOw89zs_6nbVpd_cBadeVZBMKw9hBGICgEbWwuDaV_dQX4\" alt=\"Base Faces Delays Amid Surge in On-Chain Activity in L2 Network\"\/><figcaption class=\"wp-element-caption\">Gas costs in L2 solutions. Data: Dune.<\/figcaption><\/figure>\n<p>The <a href=\"https:\/\/status.base.org\/\">Coinbase service status page<\/a> indicates that the L2 network is experiencing increased transaction fees due to &#8220;high network traffic.&#8221;\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/6zRsFJsdGU6NzKERCRliZesOWYHD3ho4fqhA-24jkF7Hoao36yvbmsdvY8AvFadKQRYhItZlet8y8m4PWFSAULjBZP-WBlj85yu2_eWctUng4q7K-ot6EZT5DJzlbj08QvaSIoMaE_EBFiw5sxgqy9Q\" alt=\"Base Faces Delays Amid Surge in On-Chain Activity in L2 Network\"\/><figcaption class=\"wp-element-caption\">Data: Coinbase.\u00a0<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Some users have experienced transaction delays due to too low fees, and some wallets like Coinbase Wallet currently do not allow cancellation. For now, a workaround would be to use a wallet that supports transaction cancellation,&#8221; platform representatives warned.\u00a0<\/p>\n<\/blockquote>\n<p>One X user complained about fees exceeding $5 and errors during transfers.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Base transactions now $5 >. <\/p>\n<p>Base transactions now failing. <\/p>\n<p>Is this the new Ethereum? <\/p>\n<p>Come home to Solana. <a href=\"https:\/\/t.co\/mD9w2GMVX4\">pic.twitter.com\/mD9w2GMVX4<\/a><\/p>\n<p>\u2014 Kaizen (@KAIZ3NS) <a href=\"https:\/\/twitter.com\/KAIZ3NS\/status\/1770511125219561827?ref_src=twsrc%5Etfw\">March 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Is this the new Ethereum? I&#8217;m going back to Solana,&#8221; he added.\u00a0<\/p>\n<\/blockquote>\n<p>Lead protocol developer Jesse Pollak also responded to the situation. He stated that as &#8220;Base gains more momentum, more challenges and criticism will arise.&#8221;\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">PSA: with more <a href=\"https:\/\/twitter.com\/base?ref_src=twsrc%5Etfw\">@base<\/a> momentum will come more challenges and criticism. <\/p>\n<p>my ask for builders:<\/p>\n<p>1. remember our mission is to create a global onchain economy that increases innovation, creativity, and freedom<br \/>2. be positive, open minded, and willing to learn<br \/>3. stay based <a href=\"https:\/\/t.co\/G8mnBogPKC\">https:\/\/t.co\/G8mnBogPKC<\/a><\/p>\n<p>\u2014 Jesse Pollak (jesse.xyz) ?\ufe0f (@jessepollak) <a href=\"https:\/\/twitter.com\/jessepollak\/status\/1770441265831944619?ref_src=twsrc%5Etfw\">March 20, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Back in February, opBNB from BNB Chain developers <a href=\"https:\/\/u1f987.com\/en\/news\/opbnb-overtakes-arbitrum-in-transaction-volume\">overtook<\/a> Arbitrum in terms of total transactions among L2 networks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 20, the daily trading volume in the L2 solution Base reached $369 million, increasing by more than 50% from the previous day. TVL of the protocol hit a record high of $761 million.\u00a0 TVL and trading volume on Base. Data: DeFi Llama. According to the dashboard on Dune, the network recorded 1.65 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1321,1179,1268],"class_list":["post-11836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-base","tag-layer-2-solutions","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11836"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11835"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}