New Ethereum Layer 2 Network Base Surpasses Optimism and Arbitrum in Daily Transactions

Base is an Optimistic Rollup network that was incubated by the crypto exchange Coinbase. It launched its public mainnet on August 10.

The newly launched Ethereum Layer 2 network Base has surpassed the dominant Optimistic Rollup scaling solutions Arbitrum and Optimism in terms of average daily transactions.

According to data from The Block, Base's seven-day moving average daily transaction count reached 610,000 on August 15, compared to Optimism's 597,000 and Arbitrum's 576,000.

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The network's rapid growth is attributed to a number of factors, including its low fees and fast transaction speeds. Base's fees are currently around $0.01 per transaction, while Arbitrum and Optimism's fees are typically around $0.20 per transaction.

Base is also seeing strong adoption from DeFi applications. The network currently has over 100 DeFi applications deployed, including Uniswap, Aave, and Curve.

The success of Base is a sign of the growing demand for Ethereum Layer 2 solutions. Layer 2 solutions are designed to address the scalability and congestion issues that are currently plaguing the Ethereum mainnet.

Base is one of a number of Layer 2 solutions that are currently being developed. Other notable Layer 2 solutions include Polygon, Loopring, and zkSync.

It remains to be seen whether Base can maintain its current growth momentum. However, its early success is a promising sign for the future of Ethereum Layer 2 scaling.

TL;DR:

The New Ethereum Layer 2 network Base surpasses Optimism and Arbitrum in daily transactions. Base is an Optimistic Rollup network that was incubated by Coinbase. It launched its public mainnet on August 10 and is currently seeing strong adoption from DeFi applications.

Source: The Block