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Dencun Upgrade Unleashes Transaction Explosion!
Base experienced a huge increase in daily transactions, growing from 440,000 before the upgrade to a peak of 2,064,920.
Danielle du Toit
March 18, 2024
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Here's what we've got for you today:
Ethereum’s Dencun Upgrade Drives Base to 2M Daily Transactions
John Deaton Invests Half a Million in Senate Campaign Against Warren
Cardano Finally Gets Fiat-Backed Stablecoin USDM After Huge Delays
Cardano’s Charles Hoskinson Refutes Hydra Abandonment: ‘It’s Raining FUD’
Coinbase's Ethereum layer-2 network, Base, has seen a dramatic increase in daily transactions and user registrations after the recent Dencun upgrade.
Base experienced a huge increase in daily transactions, growing from 440,000 before the upgrade to a peak of 2,064,920 on Mar. 16.
The surge in activity on Base is linked to reduced transaction fees after the Dencun upgrade, leading to an over 60% drop in average transaction fees on Base.
Similar fee reductions, between 60% and 90%, have been seen in other leading layer-2 networks like Arbitrum, Optimism, and zkSync Era.
John Deaton has declared his intention to run for the Massachusetts Senate seat, posing a challenge to the current senator, Elizabeth Warren.
John Deaton is using his large social media presence to ask for financial contributions for his Senate campaign, into which he has personally invested $500,000.
He plans to raise $1 million by the end of the quarter, accepting donations in both traditional currency and cryptocurrency.
The campaign has already attracted the attention and support from well known crypto industry figures, including Charles Hoskinson.
Layer-1 blockchain Cardano has welcomed its first 1:1 fully fiat-backed stablecoin, USDM.
USDM, founded by Mehen Finance and pegged 1:1 to the US dollar, was launched on Cardano on Mar. 17, allowing users to mint or redeem it using the US dollar. This differentiates it from other Cardano-based stablecoins like DJED and iUSD, which are algorithmic and synthetic-based.
Matthew Plomin, a founding partner of Mehen, mentioned some challenges faced in launching USDM on Cardano, including delays due to complications with U.S. banks in 2023.
The launch faced a major setback when Cross River, the bank Mehen was collaborating with, ended their partnership around the time it joined forces with Circle.
Charles Hoskinson, the founder of Cardano, recently responded to the "FUD" surrounding the Hydra project.
Hydra is a layer-two scaling solution aimed at boosting the Cardano blockchain's transaction processing capabilities at a reduced cost.
Charles Hoskinson addressed the abandonment rumors as "pure FUD," stating the Hydra team's productivity and motivation are at an all-time high.
Positioned as an open-source framework, Hydra facilitates the development of off-chain ledgers, offering developers increased efficiency in utilizing blockchain technology on the Cardano platform.
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