Base Surpasses Ethereum and Arbitrum with Over 4.2M Daily Transactions
Base, Coinbase’s Layer 2 (L2) network, has taken the lead in the L2 race, surpassing Ethereum and Arbitrum with over 4.2 million daily transactions. Its success is driven by low fees, scalability, and a growing developer ecosystem.
Highlights
- Base reaches 4x Ethereum’s daily transaction rate.
- Base outpaces Arbitrum and Optimism in growth.
- Seamless dApp experience accelerates Base’s rapid rise.
Base’s Transaction Surge
Coinbase’s native Layer 2 network, Base, has recorded more than 4.2 million daily transactions, according to data from Coin98Analytics. Arbitrum follows with 1.3 million transactions, and Ethereum records 1.1 million transactions. Base reached a peak of 4.4 million transactions on September 9, marking four times the transaction volume of Ethereum, its mainnet counterpart.
Scalability and Developer Appeal
Base’s low transaction fees and scalability are key factors behind its rapid growth. These attributes make it highly attractive for developers, leading to an increase in consumer applications on the network.
The platform’s ability to generate revenue through gas fees creates a positive feedback loop, as more users engage with Base-based apps. Additionally, Base’s higher transaction throughput compared to Ethereum helps alleviate congestion on the Ethereum mainnet, which has faced criticism due to failing transactions and a drop in ETH prices this year.
Rising Activity in dApps and DeFi
The sharp rise in Base’s transaction volume highlights the growing interest in decentralized finance (DeFi) and decentralized applications (dApps). According to Dune Analytics, popular apps like Uniswap, Thirdweb, USDC, Basename, and Zora are responsible for 63.7% of Base’s user base, fueling its rapid growth.
Base’s activity also indirectly impacts Ethereum, driving demand for blockspace and potentially increasing gas fees. However, Ethereum’s scalability allows it to handle these surges effectively.
Key Coins on Base’s Network
Base’s expanding ecosystem is reflected in the performance of key coins on its network. CoinGecko reports that LayerZero holds a market cap of $382.2 million, while USDC remains stable with a $35 billion market cap. Additionally, Brett has seen notable growth, reaching a market cap of $737.3 million, further showcasing investor confidence in Base’s future.
Future as a Leader in Layer 2 Solutions
With over 4 million daily transactions and strong support from Coinbase, Base is positioned to remain a leader in the Layer 2 space. Its low fees, growing user base, and innovation in DeFi and dApps make it a key player in scaling Ethereum.
Base’s continued success suggests a bright future in the Layer 2 race, with the potential to further outpace competitors and drive the evolution of Ethereum’s ecosystem.
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