Coinbase’s Base Surpasses Ethereum in Daily Transaction Count

Coinbase’s Layer 2 Blockchain Base Surpasses Ethereum in Daily Transaction Count

In a stunning turn of events, Coinbase’s Layer 2 blockchain Base has surpassed Ethereum in daily transaction count, recording a staggering 4.2 million transactions per day.

Base has been gaining significant momentum in terms of adoption since its launch less than a year ago, thanks to its focus on addressing Ethereum’s limitations, such as high gas fees and scalability issues. The Layer 2 blockchain has taken advantage of these weaknesses, offering:

• Lower transaction costs, with an average transaction cost of only $0.0419, a mere fraction of Ethereum’s average fee of $1.05.
• Superior elasticity, allowing for faster speeds and more efficient transactions.

This substantial difference in fees has resulted in heightened activity on the platform, as users seek to leverage its more affordable and efficient services. As a result, Base’s total value locked (TVL) has reached an astonishing $1 billion by mid-March, indicating its growing popularity.

On the other hand, Ethereum, the largest altcoin by market capitalization, has struggled to maintain consistent daily transaction volume due to high fees and scalability issues. The network’s TVL is still substantial, at $54 billion, but Base has continued to grow quickly.

The crypto market in general has seen a resurgence since the beginning of 2023, with many layer 2 (L2) solutions gaining traction. As of March, there were 3 million active L2 users, led by Base. The number of weekly addresses on Base has surpassed Ethereum’s 1.82 million and Polygon’s 2.2 million, with the latter posting 4 million.

This success is not only impressive but also highlights the need for affordable and scalable blockchain solutions. With the crypto market evolving, it is apparent that users are seeking platforms that can provide them with speed, efficiency, and cost-effectiveness.

For more insights and information on the rapidly evolving world of Layer 2 blockchain solutions, check out our article: “Layer 2 Blockchain Solutions: The Future of Decentralized Applications” on CoinSeeks.com.

The growth of Base and other L2 solutions is indicating a positive direction for this sector. As the crypto market continues to evolve and mature, users are likely to embrace these platforms, driving further innovation and adoption.