- Base Network leads Layer 2 with nearly 40% more daily active addresses than Arbitrum and Optimism combined.
- Base’s total value locked surged over 200% to reach $3 billion in just a few days
According to IntoTheBlock data, Base’s transaction volume increased by 300% during Q2 2024, and it now outpaces its competitors, Arbitrum and Optimism, in daily active addresses by about 40%. This rise in activity demonstrates Base’s increasing dominance in the layer 2 sector.
The gap in Layer 2 networks is growing, with @base now recording nearly 40% more daily active addresses than Arbitrum and Optimism combined. pic.twitter.com/MSNvoJb4mm
— IntoTheBlock (@intotheblock) August 22, 2024
Record-Breaking Transactions Highlight Base Rapid Expansion
Several reasons contribute to the network’s exceptional growth trajectory. Base reported a record-breaking 2.275 million transactions in a single day in March 2024, along with a stunning $730 million in transaction volume on decentralized exchanges (DEXs).
These results are reinforced by a quick increase in total value locked (TVL), which increased by more than 200% in just a few days, rising from $2 billion to $3 billion and hitting $4 billion after that. The network’s ability to attract customers and lock in value at such a rapid pace demonstrates its strong infrastructure and the popularity of its offers.
The recent financing of six innovative on-chain projects by Base, which attracted over 800 submissions from developers eager to build on the platform, further emphasizes the company’s expansion aspirations. This wave of innovation is expected to further improve Base’s ecosystem, attracting additional users and projects.
Additionally, Base has been diligent in expanding its capabilities. CNF has revealed that the network intends to raise its gas aim to 10 million units per second, a huge increase from its previous target of 1 million units per second.
This upgrade is expected to help the network meet increased demand and remain competitive in the continuously changing blockchain ecosystem.
The Base Network’s success also benefits its parent firm, Coinbase, which recorded total revenue of $1.4 billion in the second quarter of 2024, with a significant chunk credited to Base’s profitability. As the network grows, it will play an increasingly important role in the larger Ethereum ecosystem and the adoption of Web3 technology.
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