- Base set a record with 1.88 million transactions on September 14, surpassing competitors.
- Base’s ecosystem is flourishing with various decentralized protocols, the flagship social app, and Friend.Tech.
Coinbase’s Layer 2 solution, Base, is consistently establishing groundbreaking benchmarks. On September 14, it achieved an unprecedented milestone as its daily transaction volume soared remarkably. Impressively, this emerging network recorded a staggering 1.88 million transactions that day, surpassing well-established rivals such as Arbitrum and Optimism.
Coinbase’s Base: Rapid Uptake
This transaction activity surge highlights Base’s remarkable growth, which has emerged as a prominent player in less than two months since its launch. IntoTheBlock pointed out that Base’s accomplishments can be attributed, in part, to Coinbase’s extensive reach and the increasing interest in decentralized applications (dApps) like Friend.Tech.
September 14 marked a new all-time high for Base transactions, recording more transactions than Arbitrum and Optimism Mainnet combined pic.twitter.com/wlh5pS9f2t
— IntoTheBlock (@intotheblock) September 15, 2023
While the figures from September 14 marked a historic high, additional statistics underscore the network’s robust performance. On average, it boasts 888,000 daily active addresses, accounting for 60% of all addresses utilizing the Optimism roll-up solution.
In alignment with this increasing network activity, there is a corresponding rise in the total value locked (TVL) within the network. This TVL currently amounts to $386 million, positioning Base as the fourth-ranked Layer 2 protocol in terms of TVL, according to data from L2beats.
The daily transaction throughput has also increased, reaching 19.57 transactions per second. Furthermore, the network has recorded an astonishing 20.5 million transactions in the past month.
Although it achieved this significant milestone, the layer-2 network continues to trail behind more prominent blockchains such as Polygon and BNB Smart Chain (BSC). Polygon recorded 2.1 million transactions on the specified date, while BSC boasted 3.1 million.
Base’s Growing Ecosystem
Since its inception, numerous decentralized protocols have found a home within Base, supported by several prominent dApps. However, the flagship social application, Friend.Tech plays a pivotal role in driving its lively ecosystem.
Friend.Tech is an innovative application enabling users to connect their Twitter accounts with their FT profiles, creating opportunities for monetizing social media interactions. On this platform, users can create unique keys for buying or selling. Since its inception, Friend.Tech has attracted over 100,000 users, facilitated inflows exceeding $200 million, and generated over $10 million in fees.
Although it experienced a minor dip in transaction activity from late August to early September, recent weeks have seen a resurgence in engagement, potentially fueled by users accumulating points in anticipation of an upcoming airdrop.
Evolving Ethereum Layer-2 Ecosystems
Within the Ethereum layer-2 ecosystems, participants are continually adapting and specializing in their respective focus areas. Ethereum’s layer 2 network has the highest number of distinct addresses and transactions, primarily influenced by Coinbase’s extensive presence. This has made it an attractive environment for social platforms like FriendTech to flourish.
Some analysts interpret this as a positive indication that the blockchain’s efforts to scale through supplementary “layer-2” networks, such as Coinbase’s Base, are starting to yield promising outcomes. Since its launch in August, Coinbase’s layer 2 blockchain has exhibited remarkable growth, with daily transaction volumes reaching record highs. This surge in activity is predominantly attributed to FriendTech, the decentralized social network built on the Base platform.
Nevertheless, the blockchain’s sustained success and capacity to accommodate increased activity without clogging the Ethereum network underscore the pivotal role played by layer 2 solutions like Base in scaling blockchain ecosystems.
