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Data from the renowned market intelligence platform IntoTheBlock indicates a growing momentum on the Base Network. The analytic platform reported that Base recorded a daily transaction volume of 1.4 million on its X application, approaching the previous record of 1.42 million transactions in a day. The original record was broken on August 21, 2023.
New Milestone on the Base Network!
IntoTheBlock has warned the cryptocurrency community about a new milestone on the Base Network. The market intelligence platform used a screenshot to showcase the progress of the Ethereum-based Layer 2 solution on the chain. The shared data revealed a significant increase in the number of transactions on the Base Network despite the declining ETH prices.
Additionally, IntoTheBlock’s post demonstrated that Base experienced a similar increase in daily transactions in August. However, after a sharp drop following the observed surge, it started to recover again in the first week of September.
Latest Developments on the Base Network!
Base is an Ethereum-based Layer platform developed by Coinbase, built on the open-source OP Stack. According to the protocol’s description, it offers a secure, cost-effective, and developer-friendly way to build on the chain. Coinbase, the incubator center of the protocol, stated that there are no plans for token minting on Base. Therefore, the Layer 2 project will operate on the existing ETH tokens of the main Ethereum blockchain.
On September 13, IntoTheBlock announced its integration into the market intelligence team of Base. In a Medium post, the market intelligence platform stated that Base Analytics would encompass a wide range of advanced indicators, measurements, and predictions for the Base Network. The fundamental analytics of IntoTheBlock could include in-depth financial indicators, network behavior analysis, ownership analysis, exchange indicators, and social insights.
