According to recent data, Base, Coinbase’s Layer-2 scaling solution, surpassed Ethereum [ETH] and Arbitrum [ARB] in terms of daily transaction volume.
Based on L2Beat data, a tight competition for supremacy developed among the L2s. Base led the field with a noteworthy 47.78 million transactions completed in the previous 30 days. Arbitrum One was next, processing 39.26 million transactions.
A significant 37.90 million transactions were executed by Ethereum alone, demonstrating the overall activity of the network.
In terms of processing speed, Base was the clear winner. It accomplished a noteworthy 36.12% rise in Transactions Per Second (TPS), with a daily TPS of 35.19. This puts it far ahead of Ethereum at 14.38 TPS and Arbitrum at 17.80 TPS.
Coinbase’s Base achieved notable advancements in Total Value Locked (TVL). It obtained a TVL of $1.3 billion despite past issues with network congestion.
Furthermore, the number of transactions climbed by a staggering 29.71 over the previous week. Base surpassed Arbitrum One, which was down 1.61% in transactions and is now valued at $3.2 billion TVL, as a result of the increase.
At $51.6 billion, Ethereum continued to top TVL, although it saw a small decline (3.07%) during the past week.
These trends suggested that the L2 environment might be changing. In comparison to more recent networks like Base, networks such as Arbitrum have underperformed. Ethereum is still the backbone of these L2s, even though it may be lagging in terms of total transaction volume.
The platform is an appealing choice for developers and users looking for a more effective and affordable alternative to current blockchain networks because of its unparalleled scalability and strong infrastructure, which are highlighted by its capacity to process 48 million transactions. In the long run, this strengthens the Ethereum ecosystem overall, increasing the network’s value and resilience as L2 consumption soars.
In spite of these challenges, the cost of ARB and ETH has decreased recently. Despite a decline in price, the number of addresses holding both tokens has climbed.
This implied that although some bullish emotion surrounded these coins, it wasn’t strong enough to affect price movement.
The CEO of Base remarked on the achievement and emphasized the platform’s dedication to advancing scalability and innovation in the blockchain industry, saying that pushing the limits of blockchain technology has always been Base’s goal. The fact that their team has completed over 48 million transactions is evidence of both the increasing need for high-performance and scalability blockchain solutions as well as the team’s hard work and dedication.
Base is positioned to have a significant impact on the direction of decentralized technology as it continues to gather steam and draw users and developers from all around the world. Base offers a viable route forward for the blockchain sector and a window into a more scalable and connected future with its capacity to handle millions of transactions and its dedication to innovation.
Source: https://www.cryptonewsz.com/base-outpaces-arbitrum-and-ethereum-leading-with-48m-transactions/