As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I find it fascinating to witness the rapid growth and evolution of projects like Base. Having closely observed the market since its inception, I must admit that the surge in activity and subsequent rise of Base to become Ethereum’s biggest L2 network is nothing short of impressive.
In the last two months, there’s been a significant increase in activity on Coinbase’s Ethereum layer-2 scaling solution, Base, which aims to take the lead among solutions within the Ethereum network.
In a noteworthy turn of events, as indicated by IntoTheBlock’s data, transaction volume on Base has experienced a significant surge within this period. This surge has placed it between 40% and 60% of all transaction volume, surpassing Optimism and Arbitrum. Moreover, in the last 24 hours, data suggests that Base has managed to strengthen its position, showing signs of solidifying its lead when it comes to Total Value Locked (TVL).
Base Surges To Become Ethereum’s Biggest L2 Network
Coinbase introduced Base, a layer 2 network on Ethereum designed for secure, cost-effective, and developer-friendly on-chain development. Since its debut, Base has made a significant impact in the cryptocurrency sector, defining a robust niche for itself.
Over the last year, Base’s popularity has become more noticeable, especially during the past two months. As shown by data from IntoTheBlock, the total value locked (TVL) on the network has been steadily increasing since it was initially recorded at $1.41 billion on September 7. In just a few short months, Base’s TVL has grown by an impressive 68%.
Based on data from IntoTheBlock, Base has emerged as a strong rival to Arbitrum, which was previously the leading Ethereum layer-2 network regarding Total Value Locked (TVL). Interestingly, in contrast to Arbitrum’s decrease of 0.33% in TVL over the last 24 hours, Base experienced an uptick of 1.3%.
Within the last 24 hours, the total value locked in Base has hit an unprecedented peak of $2.37 billion, just barely exceeding Arbitrum’s TVL of $2.35 billion.
Besides the increase in TVL (Total Value Locked), Base has experienced a corresponding growth in its stablecoin market capitalization. At the moment, the market cap for Base’s stablecoin stands at approximately $3.758 billion. A significant portion, 92.82%, of this is represented by USD Coin (USDC). Despite this, Arbitrum remains ahead in terms of stablecoins, with a market cap of around $4.428 billion.
Base Poised To Keep Growing
The growth of Base’s TVL (Total Value Locked) has been fueled by a consistent increase in active users and adoption. As you can see in the chart from IntoTheBlock (ITB), Base has shown more activity than Arbitrum and Optimism. According to ITB data, the average number of daily active addresses for Base over the past week was approximately 2,188,900.
This graph is a result of an unprecedented increase in daily transactions on the Base network starting from July 2024. Prior to this period, the network averaged less than one million transactions per day from January through August 2024, demonstrating a significant boost in user activity.
Speaking comparatively, Arbitrum’s daily average of active addresses stands at approximately 512,900, which is slightly higher than Optimism’s 405,600 over the same seven-day period.
Given the current pace, it’s anticipated that the Base TVL (Total Value Locked) will continue expanding with rising activity. If this trend persists, Base might even surpass Arbitrum in terms of stablecoin market capitalization, demonstrating sustained growth.
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2024-10-13 22:11