Base, an Ethereum layer-2 network launched by Coinbase, has accomplished an incredible milestone, recording $11.40 million transactions in a single day. That is according to a revelation shared by a market analyst on the X platform today November 28, 2024.
In the last two days, Base has witnessed a significant rise in transaction volume, constantly processing more than $11.4 million transactions daily. The capacity has surpassed the previous $10 million in a single day.
The analyst’s findings also show that Base’s decentralized exchange trading volume surged to $42 billion, reaching a new height.
Base’s adoption surges
These gigantic figures demonstrate Base’s rising acceptance and increased use of the platform in the global market. It also shows user’s trust in the platform to trade and manage their crypto tokens efficiently and securely. The development reflects its leading position in the Ethereum layer 2 sector, rising popularity, and key role in the expanding dApp ecosystem.
Base’s fast increase in transaction activity has put it ahead of other dominant Ethereum layer 2 solutions like Optimism and Arbitrum One. Data indicates that Base currently facilitates 60% of all layer 2 transactions.
Its growth is associated with its ability to process over 70 transactions per second (TPS). This immensely outperforms competitors like Arbitrum One, which handles less than 20 TPS.
The increase in transactions has also contributed to the rise of Base’s TVL. Base’s Total Value Locked now stands at $2.36 billion, which is higher than Arbitrum’s $2.35 billion.
Base’s role in dApp space
The Base’s rapid growth occurred within a year of its launch. The development has been driven by its association with Coinbase. Its success is associated with Coinbase due to Coinbase’s support, infrastructure, and customer base.
Its growing dApp ecosystem has also played a crucial role in its growth. The launch of its cbBTC, a wrapped Bitcoin product, has significantly expanded Bitcoin’s accessibility on DeFi platforms and attracted individuals and institutional investors.
Base’s popularity is also due to its recently launched hot meme generator, Clanker, which has triggered a frenzy in the Base meme coin ecosystem. Finally, its Virtuals Protocol, a decentralized platform that enables users to create and monetize AI agents in the metaverse world, continues to attract users.
