Base Network Surpasses 6 Million Daily Transactions, Overtakes Arbitrum — What Comes Next?
Over the past year, Base has been actively striving to establish itself as the predominant Ethereum Layer 2 platform. Its efforts have evidently paid off as the network has now achieved its aim. The growth and utility of the network have experienced a remarkable surge, culminating in its latest significant milestone.
Since March 2024, the daily transaction volume on the Base network has been consistently increasing. Consequently, the Ethereum Layer 2 platform recently surpassed the milestone of processing over 6 million daily transactions.
Furthermore, this week has seen the network maintaining this high average figure, marking its peak for the year.
For the first time in its history, the network has exceeded the threshold of 6 million transactions per day.
Thus, it raises the question – How has this heightened level of network adoption impacted other fundamental aspects driving its growth?
Base Surges as the Premier Ethereum Layer 2 Solution
One major development resulting from this accomplishment is that Base has emerged as the leading Ethereum Layer 2 solution. Coingecko data confirms that it has recently surpassed Arbitrum [ARB] to claim the top spot in terms of transaction volume among Layer 2 solutions.
Regarding transaction volume, Base has recorded over $938 million in daily transactions over the last 24 hours. On the other hand, Arbitrum, now in second place, tallied less than half of that amount at $462.7 million.
Additionally, Base has outstripped Arbitrum in Total Value Locked (TVL) at $2.47 million, while Arbitrum lags slightly behind at $2.41 million at the time of reporting.
It is worth highlighting that the TVL figure reached a historic peak in the past 24 hours.
The new pinnacle of TVL underscores the investors’ strong confidence in the network. Moreover, Base has maintained a substantial level of liquidity, evident from the remarkable growth in its stablecoin market capitalization.
On October 16, the Base stablecoin market cap peaked at $3.77 billion. Although, as of the latest update, it has marginally reduced to $3.68 billion.
The record-breaking achievements within the Base ecosystem have been instrumental in solidifying its dominance within the Ethereum ecosystem.
Remarkably, Base has achieved all this without a native token, which, theoretically, could have surged in value due to natural demand. Although there have been no official announcements regarding the launch of a native token, it remains a potential avenue in the future.
These remarkable accomplishments are the result of a combination of factors, including a robust community and an appealing environment for developers. Notably, the primary drivers of its appeal have been efficiency and minimal fees.