Base network has been experiencing strong activity recently, particularly over the past week. The cryptocurrency market witnessed a surge in transactions, marking a significant achievement.
Looking ahead to the current week, Base continues to show impressive performance. The network’s daily transaction volume surged to 7.63 million transactions on November 18th, reaching its highest level ever recorded.
This notable milestone highlights the extensive network usage within Base. Despite the spike in transactions, on-chain volume decreased notably from its peak recorded last week.
Daily transaction volume reached $1.33 billion on Monday, and $1.21 billion in the past 24 hours, compared to the peak of $2.1 billion from the previous week.
Conversely, the total value locked (TVL) in the Base network has reached its all-time high over the weekend, peaking at $3.33 billion on Saturday, with current levels maintaining stability around that figure.
Remarkably, the TVL figures for the network surged nearly threefold from their lowest point in August this year.
Decrease in Base Stablecoin Marketcap Despite Increased Activity
Typically, an increase in network activity leads to a rise in stablecoin market capitalization for most blockchain networks. However, Base has seen a decline in stablecoin marketcap across its ecosystem recently.
Base’s stablecoin marketcap reached an all-time high of $3.81 billion on October 31st, but has since dropped to $3.59 billion.
One potential reason behind this decline could be heightened competition in yield farming, resulting in decreased incentives. Nevertheless, network fees have shown positive growth.
Network fees surged to $423,000 in the last 24 hours, with the peak seen at $496,300 in mid-November, and a low of less than $50,000 over the past three months. This fee increase reflects the growing activity in the network.
Base’s impressive performance solidified its position as the top Ethereum layer 2 network in terms of both volume and TVL. It held a dominant share of 30.08% in the Ethereum ecosystem, with Arbitrum following closely at 26.79%.
Outperforming Layer 2 networks from the previous bullish market, Base may maintain its lead by sustaining its momentum in the upcoming months.