Base,theEthereumL2networkdevelopedbyCoinbase,hasexperiencedmajorgrowthinQ3andthrough2024.Overthelastday,Base’stransactionspersecond(TPS)increasedby51%,asperL2Beatdata.
Baseisprovingtobeasolidcompetitionaftergenerating$7.2millioninrevenueinQ3.AsmoreprojectsandusersmigratetoBase,itsdailytransactionsarenearing7million.
Baseseesmoregrowthinactivityandtransactions
Basetransactionspersecond(TPS)averagedoverthepastdayareupbyalmost51%,accordingtoL2Beat.Incomparison,ArbitriumOnetransactionswereupby17.5%andOPMainnetwasdownby11.9%.Atthesametime,BasemanagedtoincreaseitsTVLbyaround1%.Thedollarslockedonthenetworkareatitscumulativepeakofabout$2.5billionthisweek.
InQ3,Basereportedlygenerated$7.2millioninrevenue.Amongotherblockchainnetworks,itwasonlybehindnameslikeEthereumandTronthatgenerated$159millionand$151million,respectively.BaseoutperformednetworkslikeBNBChain($3.4M)andArbitrum($3.3M)intermsofrevenue.2024sawlargeactivityonBaseandCoinGeckoreportfindsthatithandledthemosttransactionsinQ3.Inthelastquarter,Basemadeup42.5%ofallLayer2transactions,followedbyArbitrumat18.9%andBlastat8.1%.
AccordingtoDefiLlama,Basehouses368protocolswith2.42millionactiveaddressesinthelast24hours.Overthepastmonth,Basehasrecorded41%growthinactiveaddressesandoutperformedEthereumandSolana’srespectiveincreasesof4%and25%.Thenetwork’sdailytransactionsarealsoinchingtowards7millionforthefirsttimeaftermaintainingatleast6milliontransactionsthroughtheweek.
TransactionsonBase|Base:DefiLlama
EthereumupgradeswillbebeneficialforL2s
TheincreasedtransactionsarebackedbyhighdevelopmentactivityonBaseinthelast30days.TokenTerminal’scodecommitssurpassed200afterincreasingbyabout20%intheperiod.Notably,BaseisanOptimisticRollupbuiltusingtheOPStack.Ethereumco-founderVitalikButerinhasrecentlyunderlinedthatthescalingroadwillberollup-centric,givingmoreaccelerationtoBase’sdevelopment.
Meanwhile,thePectraupgradeisexpectedtobeamajorimprovementtotheBasenetwork,alongwithotherL2s.Theupgradeaimstoscaledataavailabilityandenhancethenetwork’scapacitytoprocessmoretransactionsatlowercosts.It’llintegratePeerDAStoincreasetheamountofdataEthereumcanhandlewithoutoverwhelmingindividualnodesby2025.
Base’srollupisatStage0,whichmeansit’sstillinanearlyphaseofdevelopment.Despitethat,thestablecoinmarketonthenetworkatthetimeofwritingiscloseto$3.708billion.ItsignifieshigherliquiditythanSolana,whichwasat$3.615billion,atpresstime.TVLandactivityarealsoimpactedbythemintingofassets.
OnMonday,Base’sTVLincluded$5.67billioninassetsnativelymintedwhilecloseto$100millionwereexternallybridgedfromotherchains.$2billionwerecanonicallybridgedwithUSDCbeingamajorplayer,holdingabout$3.4billionacrossmulti-chaincontracts.
Basehashadmassivegrowthin2024.
+1.5mdailyuniqueaddresses.
+TVLisat$2.49b
+over366protocolsTheyjustsurpassedArbitrumat$2.39b
MostofBase\'sTVL,over$1.3b,isfromtheAerodromeexchange.
Basecurrentlyranksinthetop5blockchainsinTVL,following…pic.twitter.com/xvhsjJY2xo
—andrew.moh(@0xAndrewMoh)October16,2024
Recently,Bitgreen,afederaltaxcreditandcarbonstrategyplatform,announcedmigrationfromPolkadottoBase.NewDapps,protocols,andmemecoinsarealsoaddingfueltothenetworkthisyear.
cryptopolitan.com