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Highlights
- Base L2 has surpassed Arbitrum and Ethereum in total transaction count
- The Base protocol's TVL is far below those of its two top rivals
- Coinbase mulling additional functionality on Base
Coinbase Layer-2 scaling solution Base has outperformed the likes of Arbitrum and Ethereum in terms of the volume of daily transactions.
Base Transaction Spike
According to L2Beat data, Base’s 30-day transaction count is at 45.21 million, Arbitrum One at 38.58 million, and Ethereum at 37.93 million. Noteworthy, Arbitrum Nova has the highest 30-day transaction count of 81.31 million.
Coinbase’s Base Total Value Locked (TVL) is currently at $3.89 billion after recording a 19.96% increase in the volume of transactions in the last seven days. Compared to Arbitrum One and Ethereum, this is a significant growth for the L2. Arbitrum One has seen a transaction plunge pegged at 4.87% and this places its TVL at only about $18.45 billion.
Ethereum’s TVL is $40.02 billion, down by 4.24% from its value seven days ago. A month ago, Ethereum L2 Arbitrum was conveniently leading the other L2s on the list but Base seems to have outpaced it suddenly. Considering how Base was challenged by some network congestion which threatened its integrity a few weeks ago, the high transaction volume indicates that users are still enthusiastic about the services offered by the L2.
In terms of daily Transactions Per Second (TPS), Base hit 35.16 at a 36.12% increase while Arbitrum and Ethereum are at 17.80 and 14.38 respectively. Like Base, Zora has also seen a massive increase in its TPS. The L2 registered more than 700% with a TPS of 10.95.
Coinbase Mulling Additional Functionality
The sudden uptick in Base metrics follows several exciting events in the L2’s ecosystem including storage of corporate and retail customers’ USDC balances on the network.
Toward the end of Q1, 2024, Max Branzburg, Vice President and head of Consumer Products at Coinbase took to X to announce the company’s plans to start storing its user’s USDC balance on the Base Network.
For Coinbase, this is a means to conveniently manage and secure customer funds with lower fees while also achieving faster settlement times. It is also a means to improve Base’s functionality which translates to better results in its TVL.
There are still speculations about having a Base token. Coinbase’s legal Chief Paul Grewa once hinted at the possibility of the offering during an interview last year. His only excuse at the time for the delay was the fact that the network was focused on pushing technological developments at Base.
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