Last week, the Base Layer 2 network achieved its ATH in daily transactions of approximately 1.88 million, which is more than the combined transactions of Optimism and Arbitrum.
Coinbase Global Inc (NASDAQ: COIN) launched its Ethereum-based layer two (L2) network was named BASE in early August. After less than two months, layer two network has seen rapid growth Development Following high acceptance by leading DeFi projects. Furthermore, the base network provides reliable security, and sustainable and scalable services without any native token. Coinbase-backed L2 network Base recorded 1,882,770 transactions on Thursday, September 14, 2023, according to on-chain data made available through Etherscan’s product BaseScan.
Specifically, according to aggregate data provided via Dune Analytics, the base network averages around 70k.
Photo: Dune
Base network performance with respect to other L2s
The layer two industry has experienced significant growth in the last year amid mainstream adoption defi ecosystem by institutional investors and retail businesses. The Ethereum network, which boasts over $21 billion through its Total Value Locked (TVL) program, is the leading layer two ecosystem in the crypto industry. Furthermore, the Ethereum ecosystem often suffers from network congestion which leads to high transaction fees and unreasonable delays.
Polygon (MATIC) Network is the leading L2 ecosystem on the Ethereum blockchain, with a total value locked (TVL) of approximately $795 million, and stablecoin market capitalization of approximately $1.29 billion. According to aggregate data from Defilama, Polygon Network has registered approximately 306k active users in the last 24 hours. However, Polygon’s transaction volume on a daily basis has been declining YTD amid the emergence of other L2 networks.
Photo: Defillama
Another major layer two network in the Ethereum ecosystem is Arbitrum (ARB), which launched earlier this year after months of careful development. Specifically, the total value locked (TVL) of the Arbitrum Network was approximately $1.69 billion and the stablecoin market capitalization was more than $1.61 billion.
Photo: Defillama
From the above two examples it is clear that their daily transaction volume has been declining in recent months. On the other hand, the Base Network has seen daily transaction volumes remain high since its official launch.
Built on Optimism’s OP stack, the base network is touted as a secure and scalable EVML2 ecosystem.
big picture
The high adoption of Coinbase exchange has greatly helped the Base network gain the attention of users in a short period of time. As of reporting time, the Base Network is used by Chainlink (LINK), Animoca Brands, AAVE, Infura, and Dune, among many other brands. With institutional investors heavily investing in Coinbase, the apparent growth of Ethereum layer two platforms is a sign that its DeFi ecosystem will be further explored during the upcoming crypto bull market.
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