- Memecoins contribute to Base’s transaction surge amid growing institutional and retail investor interest.
- Total Value Locked (TVL) for Base reaches $3.89 billion, showing a nearly 20% rise in transaction volumes.
Coinbase’s Base Network has emerged as the leading Ethereum Layer 2 (L2) scaling solution, surpassing Arbitrum in transaction volume, according to recent data.
Base Network, developed by Coinbase, has overtaken Arbitrum as the most utilized Ethereum L2 solution, processing approximately 3.5 million transactions daily. This marks a significant increase of over 60% in transaction volume compared to previous months, highlighting its growing dominance in the L2 space.
Leon Waidmann, an on-chain analyst, confirmed Base’s ascendancy, noting its rapid adoption and transactional efficiency. This shift in leadership from Arbitrum underscores Base’s effective performance and scalability capabilities, crucial factors in its widespread adoption by both users and institutional investors.
#BASE is officially the most used #Ethereum L2!🥇
The #Coinbase Chain has even surpassed the long-time leader of the #ETH L2 ecosystem, #Arbitrum!
🔎Recent transaction counts:
🔹Base: 3.5M daily txs (+60% in the last 30d)
🔹Arbitrum: 2M daily txs (-22.3% in the last 30d) pic.twitter.com/x4p4N4hDBi— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) June 29, 2024
The surge in Base’s transaction volume can be attributed to several factors, including the recent popularity of meme coins trading on the platform. Memecoins have seen substantial market capitalization growth, reaching approximately $54.7 billion, attracting interest from hedge funds and retail traders alike.
For instance, Solana-based dogwifhat (WIF) and Shiba Inu (SHIB) have gained traction, with WIF recently supported by major trading platforms like Robinhood and Binance. SHIB, on the other hand, exhibited a modest price increase amid broader crypto market recovery trends.
Coinbase’s strategic positioning and continuous enhancement of Base Network have bolstered its competitive edge. As of now, Base maintains a Total Value Locked (TVL) of $3.89 billion, reflecting a nearly 20% increase in transaction volumes over recent periods. This growth underscores its pivotal role in supporting Ethereum’s ecosystem by offering efficient and scalable L2 solutions.
Moving forward, the performance of Base Network will likely continue to influence the Ethereum blockchain’s scalability and transaction efficiency. With ongoing developments in the crypto market and increasing adoption of L2 solutions, Base’s leadership position underscores its role in shaping the future of decentralized finance (DeFi) and digital asset trading.
