Coinbase-backed base catches up to top layer 2 Ether chains after hitting almost 2M daily transactions
Coinbase Global Inc. (NASDAQ:COIN) launched Base, its Ethereum-based Layer Two (L2) network in early August. In less than two months, the layer-two network has seen exponential growth due to its adoption by major DeFi projects. The Base network provides reliable security and sustainable, scalable services without any native token. BaseScan is a product from Etherscan that provides on-chain data. According to this, the Coinbase-backed network Base, which runs on L2, registered 1,882,770 transaction on Thursday, September 14th 2023.
The aggregate data collected by dune Analytics shows that the average Base network has been around 70k.
Base Network’s Performance in Relation to Other L2s
Layer two has seen significant growth over the last year, largely due to the mainstream adoption of DeFi by retail traders and institutional investors. Ethereum, with its TVL program that has a total value of more than $11 billion, is the industry leader in layer two ecosystems. The Ethereum ecosystem is also often plagued by…