Coinbase's Layer-2 Network Base Sets Daily Transaction Record, Leaving Optimism and Arbitrum Behind - COINTURK NEWS
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Coinbase’s Layer-2 Network Base Sets Daily Transaction Record, Leaving Optimism and Arbitrum Behind

7:05 pm (10 days ago)
September 17, 2023

Base, the Layer-2 network of the cryptocurrency exchange Coinbase, has broken its daily transaction record according to BaseScan data since its launch in August. While the Base network experienced a decrease in daily active users during this period, it continues to be embraced by the crypto community and supports many notable activities of Layer-2 networks.

Surpassing Optimism and Arbitrum

According to BaseScan data, the daily transaction count on the Layer-2 scaling solution Base reached 1.88 million on September 14, surpassing the previous record of 1.41 million transactions set on August 21 when the network was launched. The Base network outperformed rival Layer-2 networks such as Optimism and Arbitrum, with a total of 878,000 transactions conducted on the network throughout the day.

While Base stands out by surpassing many competitors in this field, it still lags behind leading blockchain networks such as Polygon and BNB Smart Chain. On September 14, Polygon recorded 2.1 million transactions, while 3.1 million transactions were executed on the BSC network.

What’s Happening on the Base Network?

While the Base network set a daily transaction record on September 14, the number of daily active users was lower compared to August 21, and a record has not yet been broken in this area. On August 21, the Base network had a record of 136,000 daily users, while on September 14, only 86,000 daily users were recorded according to data from the analytics platform Dune Analytics.

The Base network was officially launched on August 9, enabling users to perform various activities such as token transfers, token trading, liquidity provision, NFT minting, and more on the network and Layer-2 networks.

Since its launch, the Base network has gained popularity and been embraced by the crypto community. On September 6 alone, over 268,000 unique wallets on the Layer-2 network minted over 700,000 NFTs. Within two weeks of the launch date, the network facilitated the bridging of over $242 million worth of crypto assets, with a daily average of 130,000 unique wallets using the network.

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