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.