Base's Rise: Coinbase's L2 Network Overtakes Arbitrum as Ethereum Ecosystem LeaderBase, the Ethereum Layer-2 scaling solution launched by cryptocurrency exchange Coinbase, has exhibited remarkable growth in the past two months, positioning itself as a frontrunner in the race for dominance within the Ethereum ecosystem. Data from IntoTheBlock reveals that Base's transaction volume has surged significantly over the past two months, capturing 40% to 60% of all transactions, surpassing Optimism and Arbitrum
Base's Rise: Coinbase's L2 Network Overtakes Arbitrum as Ethereum Ecosystem Leader
Base, the Ethereum Layer-2 scaling solution launched by cryptocurrency exchange Coinbase, has exhibited remarkable growth in the past two months, positioning itself as a frontrunner in the race for dominance within the Ethereum ecosystem. Data from IntoTheBlock reveals that Base's transaction volume has surged significantly over the past two months, capturing 40% to 60% of all transactions, surpassing Optimism and Arbitrum.
Base's TVL Surges, Overtaking Arbitrum
Recent data from the past 24 hours shows that Base's Total Value Locked (TVL) has made a breakthrough, successfully overtaking Arbitrum, solidifying its lead within the Ethereum L2 ecosystem. Since its inception, Base has quickly gained recognition in the cryptocurrency market for its security, low-cost, and developer-friendly features, demonstrating strong market adaptability.
Base's TVL has been steadily increasing since it reached $1.41 billion on September 7th, showcasing a remarkable 68% growth. This substantial rise, as reported by IntoTheBlock, has made Base a strong competitor to Arbitrum, previously the Ethereum L2 network with the largest TVL. Over the past 24 hours, Arbitrum's TVL has decreased by 0.33%, while Base's has increased by 1.3%, ultimately reaching a record high of $2.37 billion, slightly exceeding Arbitrum's $2.35 billion.
Strong Growth in Active Addresses and Stablecoin Market Cap
Base's rise is not only evident in its growing TVL but also intertwined with the expansion of its stablecoin market cap. Currently, Base's stablecoin market cap has reached $3.758 billion, with USDC dominating at 92.82%. Nonetheless, Base still falls behind Arbitrum in stablecoins, boasting a stablecoin market cap of $4.428 billion.
Base's growing TVL is fueled by steady increases in active addresses and adoption rates. Data from IntoTheBlock (ITB) indicates that Base's average daily active addresses over the past seven days have reached 2,188,900, a figure attained amidst a surge in transaction volume since July 2024. In comparison, Arbitrum's average active addresses stand at 512,900, while Optimism's average active addresses over the past seven days have reached 405,600.
Looking Ahead
As Base continues to witness growth in active addresses and transaction volume, its TVL is projected to continue climbing. This sustained growth could enable Base to surpass Arbitrum in stablecoin market cap, further solidifying its leadership position within the Ethereum L2 ecosystem. Base's rapid ascent signifies a significant breakthrough for Coinbase in the Ethereum Layer-2 scaling solution space, unveiling new possibilities for the future development of the Ethereum ecosystem.
Here are some potential future developments:
- Base could continue attracting more developers and users, introducing a wider range of applications and services, further driving the prosperity of its ecosystem.
- Base could collaborate with other Ethereum Layer-2 scaling solutions to jointly build a more open and interconnected Ethereum ecosystem.
- Base could explore more innovative technologies and solutions to further enhance its performance and scalability.
In conclusion, Base's emergence has injected new vitality and momentum into the Ethereum ecosystem, providing new directions for the future of L2 development. As Base continues to evolve, its position within the Ethereum ecosystem will become more secure, potentially leading L2 technology to new heights.
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