Base, the Ethereum-base L-2 network, reached an all time high by hitting over 9.2M in daily transaction count
Release: 2024/11/26 19:34 Reading: 431
Base, Coinbase's Layer 2 network built on Ethereum, has reached an all-time high of 9.2 million daily transactions.
This milestone showcases the rapid adoption of Base as a preferred choice for L2 scalability, cementing its position as a leader in the blockchain space. Data from BaseScan reveals a surge in daily transactions since its launch on August 9, 2023. The rising transaction count highlights the network's capacity to handle increased activity due to its low fees, developer-friendly setup, and seamless integration with Coinbase.
The success of Base can be attributed to several factors. It has emerged as a key platform for decentralized finance applications, non-fungible tokens, and gaming, attracting developers and users seeking its scalability advantages. Additionally, its connection to the Coinbase ecosystem provides millions of users with easy access to dApps. This positions Base to meet the growing demands of the crypto industry.
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Phantom Wallet's integration with Base provides further momentum to the network. Phantom Wallet has announced full integration with Base, offering users access to:
- Swapping tokens between Base and Solana
- Accessing DeFi and NFT applications
- Purchasing ETH and USDC directly on Base
Initially designed for Solana, the Phantom ecosystem has expanded to support Ethereum and Polygon, and now welcomes Coinbase's Layer 2 blockchain. This integration allows Phantom users to buy Ether (ETH) and USD Coin (USDC) on Base and seamlessly swap tokens across Base, Ethereum, Solana, and Polygon networks.
Brandon Millman, co-founder and CEO of Phantom, believes that "the future of digital asset management lies in cross-chain interoperability." This partnership enhances user experience and solidifies Phantom's role in the Base ecosystem by facilitating transactions and navigation across multiple chains.
Base's success extends beyond its impressive transaction volumes. As of November 25, it stands as the largest Layer 2 blockchain with a total value locked (TVL) of nearly $3.4 billion, according to DeFiLlama. This surge places Base ahead of competitors like Arbitrum ($3 billion). In the overall blockchain landscape, Base ranks sixth, trailing major Layer 1 networks like Ethereum, Solana, and Bitcoin.
With its strong TVL foundation and expanding user base, Base underscores the growing importance of Layer 2 solutions for scalability and adoption. They offer a solution to Ethereum's congestion issues and high gas fees, paving the way for smoother adoption of DeFi and dApps.
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