Base, Coinbase’s Layer 2 network, which runs on Ethereum, has hit an all-time high of 9.2 million in daily transaction count.
This milestone reflects how quickly Base is being adopted as a choice for L2 scalability, making it a leader in the blockchain space. Data from BaseScan shows that the daily transactions for the Blockchain skyrocketed since its launch on Aug. 9, 2023. The increase in its daily transaction count shows that the network can handle more activity driven by its low transaction fees, easy setup for developers and smooth integration with Coinbase.
There are several factors that may have led to the success of the Blockchain. It has become a key platform for decentralized finance applications, non-fungible tokens and gaming, attracting both developers and users looking to leverage its scalability. Further, its connection with Coinbase’s ecosystem allows millions of users to easily interact with dApps. This well-positions Base to keep up with the growing demand of the crypto industry.
Phantom wallet adds more traction to Base:
Phantom Wallet has announced a major addition to its ecosystem by fully integrating with Base.
Initially designed as a wallet for Solana. The Phantom ecosystem broadened its features to include support for Ethereum and Polygon and now embraces Coinbase’s layer 2 blockchain as well.
With this new integration, which has moved past its beta phase, Phantom users can now purchase Ether (ETH) and USD Coin (USDC) on Base, along with being able to swap tokens across the Base, Ethereum, Solana, and Polygon networks.
According to Brandon Millman who is the co-founder and CEO of Phantom, “the future of digital asset management lies in cross-chain interoperability.” This progress not only improves the user experience on the whole but also strengthens Phantom’s role in Base’s ecosystem by easing navigation and transactions across the other chains.
Base has done well beyond just its impressive volumes of transactions. As of Nov. 25, it ranks as the largest Layer 2 blockchain with a total value locked of nearly $3.4 billion, according to DeFiLlama. This upswing has placed the Blockchain well ahead of competitors, such as Arbitrum, at $3 billion. In the overall blockchain domain, Base ranks sixth, following big Layer 1 networks such as Ethereum, Solana, and Bitcoin.
Given a solid foundation in TVL and substantial growth in user base, the growing significance of Layer 2 solutions on scalability and adoption is stark, as they form the core pillar for solving Ethereum congestion issues and high gas fees, creating the foundation for smoother adoption across DeFi and dApps.
