banner

Base Network Leads Ethereum L2 Solutions in Transactions

Base Network, Coinbase’s Layer 2 (L2) scaling protocol, has emerged as the top-performing L2 solution on the Ethereum network, surpassing competitors like Arbitrum. On-chain analyst Leon Waidmann confirmed that Base has become the “most used Ethereum L2.”

Surge in Transactions

In the past 30 days, Base’s transactions have surged by over 60%. Daily, Base processes up to 3.5 million transactions, compared to Arbitrum’s 2 million. This remarkable growth is attributed to various factors, including the ongoing memecoin frenzy, which has driven increased adoption and activity.

Memecoin Impact

The memecoin market has seen significant growth, with a current market capitalization of around $54.7 billion. Some of the top memecoins on Base have experienced price increases, attracting the attention of major hedge funds. For example, Solana-based dogwifhat (WIF) has gained support from trading firms like Robinhood and Binance, trading at $2.12 after a 10.15% increase in the last 24 hours. Similarly, Shiba Inu (SHIB) has shown a slight price rise, reflecting a broader crypto market recovery.

Base vs. Arbitrum

Since April, Base has consistently outperformed Arbitrum in transaction counts. On April 7, Base recorded 45.21 million transactions in 30 days, compared to Arbitrum’s 38.58 million and Ethereum’s 37.93 million, as reported by L2Beat. Additionally, Base’s Total Value Locked (TVL) was $3.89 billion, with a 19.96% increase in transaction volume.

Conclusion

Base Network’s rapid growth and dominance in transaction counts highlight its potential as a leading Ethereum L2 solution. The memecoin frenzy and increased burn rates have contributed to this success, positioning Base as a key player in the crypto market.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content