Key Points
- Base has become the leading Ethereum Layer 2 network, surpassing Arbitrum in daily volume and TVL.
- The network achieved multiple all-time highs, contributing to its dominance in the Ethereum ecosystem.
Base, a dedicated Ethereum Layer 2 network, has accomplished its goal of becoming the leader in its field. This year has seen the network expand significantly, reaching a notable milestone recently.
Growth and Milestones
Since March 2024, the daily transaction count of the Base network has been consistently rising. The Ethereum Layer 2 recently surpassed 6 million daily transactions, maintaining this average figure throughout the week – the highest level so far this year. This marks the first time the network has exceeded 6 million transactions per day.
This level of network adoption has had a significant impact on the network’s growth aspects. The primary result is that Base has ascended to the top of the Ethereum Layer 2 rankings. As per Coingecko, it recently overtook Arbitrum in terms of volume.
Base Outperforms Arbitrum
In the last 24 hours, Base recorded over $938 million in daily volume. In comparison, Arbitrum, which slipped to the second spot, had less than half that amount at $462.7 million. Base also surpassed Arbitrum in terms of TVL, with Base at $2.47 million and Arbitrum at $2.41 million.
The TVL figure reached a new historic high in the last 24 hours, indicating strong investor confidence. The network has also maintained good levels of liquidity, as evidenced by its impressive stablecoin market cap growth. The Base stablecoin market cap reached a peak of $3.77 billion on 16 October, although it has since dropped slightly to $3.68 billion.
These record highs in the Base ecosystem have been crucial to its dominance in the Ethereum ecosystem. Interestingly, Base has achieved this without a native token, which could potentially be skyrocketing due to organic demand. There are no current plans to launch a native token, although this could be a future possibility.
Base’s achievements can be attributed to a combination of factors, including a robust community and a more appealing ecosystem for developers. The most significant factors contributing to its attractiveness have been efficiency and low fees.
