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Coinbase’s L2 Base Surpasses Arbitrum and Ethereum in Daily Transactions

Coinbase

Coinbase’s Ethereum Layer-2 scaling solution, Base, has emerged as a leader in daily transactions, surpassing established players like Arbitrum and Ethereum itself.

Data from L2Beat reveals that Base currently boasts a 30-day transaction count of 45.21 million, eclipsing Arbitrum One’s 38.58 million and Ethereum’s 37.93 million. It’s important to note that Arbitrum Nova maintains the highest overall 30-day transaction count at 81.31 million.

Base Experiences Significant Growth

Coinbase’s Base has seen impressive growth, reflected in its Total Value Locked (TVL) of $3.89 billion. This comes after a 19.96% surge in transaction volume over the past week. Compared to Arbitrum One’s TVL of $18.45 billion (after a 4.87% transaction decline) and Ethereum’s TVL of $40.02 billion (down 4.24%), Base’s growth is significant. Notably, Arbitrum held the leading position in L2 TVL just a month ago.

Despite facing network congestion concerns just weeks ago, Base’s high transaction volume suggests user confidence in its services. Base also leads in daily Transactions Per Second (TPS) with 35.16 (a 36.12% increase), compared to Arbitrum’s 17.80 and Ethereum’s 14.38 TPS. Zora, another L2 solution, has also witnessed a significant TPS increase of over 700%, reaching 10.95.

Coinbase Considers Expanding Base Functionality

The recent surge in Base’s metrics coincides with positive developments within its ecosystem. One such development is the storage of USDC balances for both corporate and retail Coinbase customers directly on the Base network.

Max Branzburg, Coinbase’s Vice President and head of Consumer Products, announced plans to leverage the Base network for storing user USDC balances in late Q1 2024. This move aims to facilitate efficient and secure customer fund management with lower fees and faster settlement times. Ultimately, it contributes to enhanced Base functionality and, consequently, TVL growth.

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Base Token Speculations Linger

The possibility of a Base token remains a topic of speculation. During an interview last year, Coinbase’s legal chief, Paul Grewa, hinted at the potential for a token offering. The delay was attributed to the network’s focus on technological advancements.

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