Layer-2 Base, the blockchain scaling solution developed by Coinbase, has achieved a remarkable milestone, processing nearly 5 million transactions in just one day. This figure far surpasses its major competitors, with Optimism handling 600,000 transactions and Arbitrum reaching 1.44 million transactions on the same day.
Notably, the number of active wallet addresses on Base has been steadily increasing since March, continuously setting new records. As of September 19, 2024, Base recorded 1.45 million active wallets, four times more than Arbitrum, its closest competitor. These achievements highlight the success of Coinbase’s strategy to expand its blockchain network.
In addition to growing its transaction volume and user base, Coinbase launched cbBTC, a Wrapped Bitcoin (WBTC) version on Ethereum and Base, on August 9, 2023. This event positioned Base as an attractive hub for users with diverse features, such as token transfers, token swaps, liquidity provision, and NFT creation. On September 6 alone, over 700,000 NFTs were minted by 268,000 independent wallets. In the first two weeks, Base attracted over $242 million in crypto assets, with 130,000 wallets using the network daily.
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The outstanding success of Base can be attributed to several key factors:
- Leveraging Coinbase’s Massive User Base: With a pre-existing user foundation, Base easily attracted participants while reducing entry barriers for crypto investors.
- Seamless Integration with Coinbase’s System: Base is tightly linked to Coinbase’s secure and reliable infrastructure, providing peace of mind for both individual and institutional users.
- A Diverse Ecosystem of Decentralized Applications (dApps): The presence of dApps like the DEX Aerodrome, Curve, and lending protocols such as Aave, Compound, and Morpho has enhanced the platform’s functionality and value for users.
With its rapid development and innovative products like cbBTC, Base is on track to become a leading layer-2 platform, contributing to the future expansion of the Ethereum network. This success not only reinforces Coinbase’s position in the blockchain space but also opens new opportunities for the global crypto community.
