Coinbase’s second-layer expansion protocol, Base Network, has recently outperformed some of its main competitors, including Arbitrum. According to on-chain analyst Leon Waidmann, the Base network has officially become the “most used second-layer network of Ethereum.” Previously, Arbitrum held this position, but Base has recently surpassed it. In the last 30 days, the transactions processed on the network have increased by more than 60%.
#According to
is officially the most used
#Ethereum
L2!
#Coinbase
Chain has even surpassed the long-time leader of the
#ETH
L2 ecosystem,
#Arbitration
!
Recent transaction counts:
Base: 3.5M daily txs (+60% in the last 30d)
Arbitrum: 2M daily txs (-22.3% in the last 30d)
— Leon Waidmann | Onchain Insights (@LeonWaidmann)
June 29, 2024
On a daily basis, Base registers up to 3.5 million transactions, while Arbitrum processes about 2 million transactions. During this period, Base recorded a 60% jump in daily transactions compared to a 22.3% increase for Arbitrum.
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After a weak performance in price, the Shiba Inu whales have once again shown activity. Several factors have likely contributed to Base’s significant growth, including the ongoing craze for meme tokens. Currently, the total market capitalization of meme cryptocurrencies is around $50 billion, and the market capitalization of the Base network is $2.01 billion, according to data from CoinGecko.
