- Base hit a major milestone after surpassing Arbitrum, claiming the leading position among Ethereum Layer 2s
- Various all-time highs have fueled the network’s current top standing
Base has embarked on a focused journey to become the foremost Ethereum Layer 2 network, and it appears to have reached that ambition. This year, the network has experienced substantial growth and functionality, culminating in its latest achievement.
The daily transaction volume on the Base network has consistently risen since March 2024, reaching a landmark of over 6 million transactions per day recently.
Moreover, this impressive average has been sustained this week, marking its peak level for the year thus far.
Source: DeFiLlama
This achievement marks the first occasion the network has exceeded 6 million daily transactions.
This raises an important question: How has this surge in network adoption affected other facets that drive growth?
Base Emerges as Leading Ethereum Layer 2
The most significant outcome has been Base’s ascension to the top spot in the Ethereum Layer 2 rankings. Indeed, as reported by Coingecko, it has recently outperformed Arbitrum [ARB] in volume metrics.
In terms of volume, Base recorded over $938 million in daily transactions in the last 24 hours, while Arbitrum, now in second place, managed only $462.7 million.
Additionally, Base surpassed Arbitrum with a total value locked (TVL) of $2.47 million, compared to Arbitrum’s $2.41 million at the time of writing.
It’s also important to highlight that the TVL hit a new all-time high in the past 24 hours.
Source: DeFiLlama
The new TVL milestone signifies a strong level of confidence from investors. The network has also preserved solid liquidity, as indicated by its notable growth in stablecoin market cap.
On October 16, the stablecoin market cap of Base peaked at $3.77 billion, although it has slightly declined to $3.68 billion at the time of writing.
Source: DeFiLlama
The record highs in the Base ecosystem have been crucial to its dominance within the Ethereum realm.
Remarkably, it has accomplished this without a native token, which would likely be experiencing significant demand if launched. Although the project has not communicated any intentions to introduce a native token, it remains a possibility for the future.
Such accomplishments stem from a blend of factors, including a vibrant community and a developer-friendly ecosystem, particularly bolstered by efficiency and low fees.
