Base Protocol Exceeds 6 Million Daily Transactions, Surpassing Arbitrum – What Comes Next?
Base has been actively striving to establish itself as the premier Ethereum Layer 2 network. It seems that the efforts have paid off. Throughout this year, the network has displayed substantial growth and utility, culminating in its recent significant milestone.
The daily transaction volume on the Base network has been steadily increasing since March 2024. As a result, the Ethereum Layer 2 has now surpassed 6 million daily transactions.
Moreover, this week has maintained this average, marking the highest level achieved so far this year.
This marks the first occasion where the network has exceeded 6 million transactions per day.
Therefore, the following question arises: How has this level of network adoption impacted other fundamental aspects influencing growth?
Base Emerges as the Premier Ethereum Layer 2 Solution
One major consequence is the elevation of Base to the apex position among Ethereum Layer 2 solutions. Notably, according to Coingecko, it has recently outperformed Arbitrum [ARB] to claim the top spot in terms of volume.
In terms of volume, Base has recorded over $938 million in daily trading volume over the last 24 hours. Arbitrum, now in the second position, trailed with less than half that amount at $462.7 million.
Additionally, Base has surpassed Arbitrum in Total Value Locked (TVL) at $2.47 million, compared to Arbitrum’s $2.41 million, at the time of writing.
It is worth mentioning that the TVL figure achieved a new all-time high in the past 24 hours.
This new TVL milestone reflects substantial investor trust in the ecosystem. The network has also maintained a commendable level of liquidity, evident from its remarkable growth in stablecoin market capitalization.
The peak of Base stablecoin market cap reached $3.77 billion on October 16. Currently, it has dipped slightly to $3.68 billion.
These record highs within the Base ecosystem have been instrumental in solidifying its dominance within the Ethereum realm.
Notably, these achievements were realized without a native token—although one might anticipate a profound surge in value owing to organic demand. The project has yet to disclose plans regarding a native token launch, but there is a possibility in the future.
These accomplishments were attributed to a blend of factors, including a robust community and an appealing environment for developers. Particularly, the key contributing factors to its desirability have been efficiency and low transaction fees.