Base Layer 2 Network Surpasses 4.2 Million Daily Transactions, Dominating the L2 Space

Coinbase's native layer 2 network Base has surpassed 4.2 million daily transactions, according to data from Coin98Analytics. Arbitrum came closest with 1.3 million transactions followed by Ethereum with 1.1 million transactions.

Coinbase's native layer 2 network, Base, has processed over 4.2 million daily transactions, as per data from Coin98Analytics. Arbitrum follows closely behind with 1.3 million transactions, while Ethereum's mainnet network handled 1.1 million transactions during the same period. Notably, Base's daily transaction volume reached an all-time high of 4.4 million on September 9th, surpassing Ethereum's mainnet transaction volume by four times.

Base's Scalability and Developer Appeal

Base's strength in the L2 space can be attributed to its scalability and low transaction costs, which have made it a preferred choice for developers. This has led to a surge in consumer applications on the platform.

Moreover, the platform generates revenue from gas fees, which creates a positive cycle as more users engage with Base-based applications. Base also handles a higher volume of transactions than Ethereum, which helps alleviate congestion on the Ethereum mainnet. This is especially relevant considering that Ethereum has faced criticism for its underperformance in 2023, with failed transactions and a drop in the ETH price also impacting user experience.

Rising Activity in dApps and DeFi

The surge in Base's transaction volume also reflects the growing activity in decentralized applications (dApps) and DeFi. According to data from Dune Analytics, applications such as Uniswap, Thirdweb, USDC, Basename, and Zora are driving the increasing activity, collectively accounting for 63.7% of users on the Base network.

As the network handles more transactions, it indirectly affects Ethereum by increasing the demand for blockspace, which could lead to higher gas fees. However, Ethereum's scalability capabilities allow it to handle these surges from Base's activity efficiently.

Base's growing transaction volume is also evident in the performance of key coins on its network. According to CoinGecko, LayerZero has a market capitalization of $382.2 million, while USDC maintains a stable market cap of $35 billion. Brett has also seen significant growth, with a market capitalization of $737.3 million, reflecting strong investor confidence in Base's expanding ecosystem.

Future as a Leader in Layer 2 Solutions

With over 4 million daily transactions and the backing of Coinbase, Base continues to lead the Layer 2 space. Its growing user base, low fees, and innovative approach in the L2 sector position it as a key player in scaling Ethereum.

Base's success in the DeFi and dApp sectors signals a promising future in the Layer 2 race, outpacing its competitors and driving forward the development of Ethereum's ecosystem.

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