Layer-2 Base Network Leads Ethereum Scaling Ecosystem To Daily Transaction All-Time High

Updated: 14 August 2024

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The number of daily transactions across the Ethereum layer-2 scaling ecosystem reached an all-time high, with Coinbase’s Base network accounting for a chunk of the activity.

Growthepie data shows that aggregated daily transactions across layer-2 networks soared to 12.42 million on Aug. 12, with Base processing more than 3.6 million transactions. This was substantially more than Arbitrum One, which handled 1.39 million transactions on the same day.

Over 100 Million Transactions In The Past Month

Base was one of the most active blockchains in the past month as well. Throughout the past 30 days, the network facilitated more than 111 million transactions, according to L2Beat data. This placed it second in this regard, with Xai taking the leading with close to 300 million transactions during the same period.

Base also currently has the second highest Total Value Locked (TVL) within the layer-2 space, with approximately $6.35 billion locked up in decentralized finance (DeFi) protocols on the network. Its TVL jumped 3% in the last 24 hours as well. In the lead is Arbitrum One with over $15 billion following a 6% increase in its TVL.

BRETT And TOSHI Print Gains While Majority Of Base Meme Coins Slip

The market cap for Base meme coins stands at over $1.2 million. This is after the sector saw a minor drop in valuation over the past 24 hours.

Brett (BRETT) and Toshi (TOSHI), the largest Base meme coins by market cap, printed respective gains of 3% and 4% throughout the past trading session. Smaller tokens such as Base Chad (CHAD) and MOEW (MOEW) were the top-performers after their prices increased over 25% and more than 20%.

With Base flourishing and investor interest in meme coins deployed on the layer-2 network still present, Base Dawgz (DAWGZ) stands to benefit. The presale meme coin has already raised over $2.9 million, and aims to achieve a multi-chain presence that enables investors to seamlessly transact on some of the most liquid and active networks in the Web3 space.