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The Rise of the Base Network: Ethereum-based Layer 2 Scaling Solution
Users are increasingly utilizing the Ethereum-based layer two scaling solution, the Base network, due to its robust architecture and strong support from industry partners such as Coinbase. The network’s impressive increase can be attributed to its ability to offer seamless interoperability and top-level security for users at scale. However, the lack of a native token sets the Base network apart from its competitors.
Impressive Statistics
On-chain data analysis indicates that the Base network outperforms other top Ethlock-based L2 scaling methods in terms of user adoption and transaction volume. The statistics are conclusive. At present, the Base network’s total value locked (TVL) is roughly $1.51 billion, while its stablecoins market capitalization is around $3.19 billion. Additionally, it has registered an astounding 839,000 daily active addresses, with a net volume of $511 million in the past 24 hours. In the same period, the Base network earned a total of $45,000 in revenue.
Comparison to Competitors
Meanwhile, other networks like Arbitrum, Optimism, and Polygon, which are still leading players in the Ethereum-based L2 scaling market, have lower user adoption and higher transaction volume than the Base network. Despite having a larger daily active user base of 413,000 than the Base network, Arbitrum’s TVL and stablecoins market capitalization of $2.7 billion and $1.55 billion are still in competition with it, while Optimism’S popularity is directly related to its low ratings against bitcoin exchanges. Despite having 580,000 active addresses on a daily basis, Polygon’s Base network has an impressive TVL of $921 million and supplementary stablecoins supply of $2 billion.
Why the Base Network Stands Out
The Base is known for its exceptional performance, which can be easily scaled to meet the needs of both developers and users. With its robust architecture and strong backing from industry veterans like Coinbase, the Base network has become a popular choice for those seeking high-level interoperability and security measures in the web3 sector.
Market Volatility and Future Prospects
Meanwhile, volatility is ramping up across the cryptocurrency realm, with Ethereum’s price dropping by 25% in recent days to $2,635. Nevertheless, Coinbase Global Inc (COIN) shares have undergone a significant price shift, with yearly +20% and 1-year price changes of +179%, valuing each share at $205. The Base network’s impressive performance and commitment to innovation are expected to keep it in the forefront of the web3 revolution as the Ethereum-based L2 scaling space continues to evolve.
Learn More about the Base Network and Web3
For more insights and information on the Base network and the web3 sector, check out this article on CoinSeeks.com, which provides valuable insights and information on this rapidly evolving space.
The Base network’s reputation as a reliable and scalable infrastructure for web3 applications, coupled with its emphasis on seamless interoperability and security, is expected to continue to grow.
