Coinbase Developer Platform’s Post

Base tops Arbitrum, Ethereum as it leads with 48M transactions Base outperformed Ethereum and Arbitrum in terms of activity over the past few days. Interest in ETH and ARB remained high however prices remained stable. Coinbase’s Layer-2 scaling solution, Base, surpassed Arbitrum [ARB] and Ethereum [ETH] in terms of daily transactions and activity. The L2 sector gets competitive According to L2Beat data, a close race […] https://lnkd.in/gUWvjVQj

We are about one week from the Dencun Ethereum hard fork, and Blocknative will be ready to support L2s: 1️⃣ Ethernow.xyz will fully support blobs. The homepage will have new tiles to help you keep a pulse on proto-danksharding. Expect to see information on marketable blobs, blob discount, blob contention, and more. 2️⃣ With Ethernow, you will be able to filter on type 3 transactions (blobs) and see a new tab called "blobs" where we breakdown, blob count, blob gas fees, blob utilization and more. We also continue to decode rollup transactions for Optimism Foundation and (new!) Base / Coinbase . Whether these L2s submit as calldata or blobs, you can checkout the rollups tab to see the fully decoded and parsed transaction list in each batch. Checkout an Optimism Rollup here: https://lnkd.in/gDcEMJ_R 3️⃣ One feature of 4844 blobs is that they are ephemeral after ~18 days, but don't worry! Blocknative will record and archive all blobs and provide L2s or researchers the ability to access this data through our Mempool Data Archive. 4️⃣ And finally, Blocknative's gas platform will be 4844 ready. We will add blob gas fee estimation to our existing gas API, ensuring L2s can minimize Ethereum L1 gas costs and lower fees for L2 users. If you are an L2 who plans to use blobs and need help getting ready for the upgrade - reach out via DM or fill out this form https://lnkd.in/gSE_ixbw . Watch the countdown and let us know if your ecosystem needs support for 4844 https://lnkd.in/gxj_3dQA

Ethereum (ETH) developers announced plans to deploy the long-awaited Dencun upgrade on March 13th, aiming to significantly improve the network's speed and affordability.  https://lnkd.in/djdZD5fS This comes days after the Dencun upgrade was successfully implemented on the Holesky testnet. https://lnkd.in/dH7qirBj The #Dencun #ETH #ETHEREUM #March #upgrade

The L2 stack gets (at least temporarily) unbundled as a result of Ethereum L1’s high fees. 🔹 The first wave of Ethereum L2s, like Optimism and Arbitrum, were really closely tied to (“aligned with”) the Ethereum L1. 🔹 Turns out that this alignment is extremely expensive to maintain – both Optimism and Arbitrum pay millions of dollars (in ETH) per month to Ethereum for the right to settle their transactions on the main chain. 🔹 Again, many entrepreneurs saw the “Ethereum L1’s fat margin as their opportunity”. 🔹 Protocols like Celestia Labs and Eigen Labs aim to "unbundle the L2 stack", by providing services to L2s at ~100-1,000x cheaper prices than the Ethereum L1 can – this competition is also likely to speed up the Ethereum L1 core development.

Combined, the top Ethereum L2s now have: - 5x the number of active users than ETH L1 - 6x the number of transactions - 2x the number of devs However, Ethereum L1 is still doing 10x the combined fees at the L2 level. So, in the short run, L2 tokens could be seen as cannibalizing ETH. But ultimately, the road map points to more value accrual to ETH. Here's why: 1. L2s are fighting tooth and nail with each other. This is driving innovation. 2. More innovation brings in more app developers. 3. More apps = more users & more utility for ETH. 4. More utility for ETH = more demand for ETH. In summary, the scaling roadmap is set up for success because L2s drive innovation while sending value back to ETH holders. I view ETH as an index fund that captures the value of all of this competition at the L2 level. And I find it hard to justify buying L2 tokens for this reason. What do you think? Would love to hear a contrarian take on this. Data: Ethereum L1 fees vs Combined L2s powered by Token Terminal

Ethereum Layer 2: A Simplified Overview

Vitalik Buterin has proposed Ethereum Improvement Proposal (EIP) 7702, aiming to refine account abstraction on the Ethereum network. EIP-7702 introduces a novel transaction type that allows externally owned accounts (EOAs) to temporarily function as smart contract wallets during a transaction, with their original state restored afterward. This proposal serves as an alternative to EIP-3074, adding quantum resistance and better compatibility with ERC-4337. https://lnkd.in/dcW2g_gB

Figment’s average Staking Rewards Rate (SRR) on ethereum throughout Q1 was 3.9% Our Q1 Ethereum validator report details Figment’s performance on consensus layer rewards, execution layer rewards, participation, and slashing. The report also takes a look into EigenLayer cumulative deposits so far.  View the full report here:  https://lnkd.in/eUmqi8qi

Figment’s average Staking Rewards Rate (SRR) on Ethereum throughout Q1 was 3.9% Our Q1 Ethereum validator report details Figment’s performance on consensus layer rewards, execution layer rewards, participation, and slashing. The report also takes a look into EigenLayer cumulative deposits so far.  View the full report here: https://lnkd.in/eRzpz9YA

In this week’s issue of Coin Metrics’ State of the Network, we provide a data-driven breakdown of Layer-2 blob usage and evaluate the success of Ethereum’s EIP-4844 upgrade. Read it all here: https://lnkd.in/ecsHQnf6 #PutTruthtoWork #TheFutureofFinance