The Success Story of Base in Layer 2 Sector and its Recent Achievements
Base network’s relentless drive to establish itself as the leading layer 2 platform on Ethereum this year has yielded significant results. Despite its triumph, the network continues to reach new milestones to solidify its position at the top and potentially expand its influence further. Let’s delve into the latest accomplishments of the Base network.
Presently, Base stands out as the primary Ethereum layer 2 solution in terms of Total Value Locked (TVL). It recently widened this lead by reaching a new all-time high.
On the 25th of November, the network’s TVL surged to $3.55 billion, demonstrating a remarkable increase of over $1 billion within just one month.
For perspective, at the time of reporting, Base held a TVL advantage of $1.3 billion over its closest competitor, Arbitrum One, as per data from CoinGecko.
Status of the Base Network
The remarkable spike in Base’s TVL mirrors the growth of its ecosystem. The network’s utility has been escalating steadily and recently reached unprecedented levels, approaching nearly 10 million transactions.
On the 26th of November, the network recorded a peak of 9.32 million transactions, setting a new all-time high.
Accompanying the surge in transactions was a substantial increase in volumes. The on-chain volume on Base reached $1.85 billion in the past 24 hours, indicating sustained robust on-chain activity.
The network recorded its highest daily on-chain volume on the 13th of November, peaking at $2.16 billion.
These statistics are impressive, especially considering that the daily volume on the layer 2 network averaged below $100 million in the initial two months of 2024.
Despite the impressive performance, one specific metric has shown comparatively slower growth than earlier this year. Base’s daily revenue is on an upward trajectory, reaching a new five-month high of $610,940.
The most recent revenue data falls short of the network’s historic highs in 2024. For instance, the highest daily revenue for Base this year was recorded at $3.34 million on the 26th of March.
One potential reason for the variance in revenue peaks could be attributed to the price of ETH. Back in March 2024, ETH witnessed a significant surge, briefly crossing the $4,000 mark.
Can Base sustain its lead? Judging by its recent performance, there is clear evidence that the network has witnessed unparalleled adoption and usage levels in November 2024. While Base has achieved its goal of securing the top position, the future remains uncertain, with new competitors potentially posing challenges ahead.