Coinbase’s Base Layer 2 Records 4.5 Million Daily Transactions

Base Network, the Coinbase-backed L2 has recorded more than 4.5 million transactions in a single day, setting a major record over its rivals

Base, a Layer 2 (L2) scaling solution developed by Coinbase, recently broke a major milestone by processing over 4.5 million transactions in a single day. This surge in activity highlights the growing adoption of Base, a network built on Ethereum using the Optimism tech stack. 

The network enhances scalability, reduces costs, and improves user experience for Decentralized Applications (dApps).

Base Remains at the Forefront of L2 Competition

Base’s recent success is part of the larger trend of layer-2 solutions gaining momentum in the crypto space. The significant transaction volume on Base reflects strong developer and user interest in platforms offering more efficient and scalable blockchain solutions.

The record-breaking transaction volume positions the Base Network as a serious contender in the layer-2 ecosystem. It also highlights the competitive landscape of L2 technologies, with Optimism, Arbitrum, and Polygon vying for dominance. 

However, Base’s connection to Coinbase, one of the world’s largest crypto exchanges, gives it a significant edge in adoption and liquidity. The exchange has ensured the blockchain’s place at the forefront of the scaling competition.

Above all, the network is promoting the use of Ethereum-based applications. It drives mainstream adoption of Decentralized Finance (DeFi), NFTs, and other Web3 technologies. In August, the blockchain expanded its supported assets by onboarding Euros onto its platform. 

cbBTC Might Boost Base’s Success

Last week, Coinbase launched its wrapped Bitcoin (cbBTC) on Base. It was geared toward providing Bitcoin holders with access to the platform. This initiative has played a significant role in propelling the recent success of the Base network by fueling activity within its ecosystem.

Per its design, cbBTC, is an ERC-20 token pegged one-to-one to Bitcoin on Coinbase. It was designed specifically for utilization in DeFi applications within the Ethereum and Base ecosystems. 

While this is the first BTC product on Base, the launch shows the ambition to check all the right boxes for assets with strong adoption and liquidity.

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