Ethereum-based Layer 2 network “Base” has placed on a formidable performance yet again, with its Total Value Locked (TVL) coming near probably the most notable blockchains.
Coinbase’s BASE Has Outperformed Solana
Coinbase’s layer 2 blockchain network, Base, has seen an upward trajectory movement because it was introduced to the general public, outperforming a number of the notable blockchains within the crypto market. The network is now coming near near to Solana by way of TVL, indicating remarkable growth inside the network.
Data from DeFiLlama shows that the blockchain network now sits just a little above $407 million in TVL, while Solana sits just a little above $650 million in TVL. The uptick in Base’s TVL is attributable to the numerous variety of users and developers currently deciding on Base for his or her decentralized applications (dApps) and other financial protocols.
BASE TVL crosses $400 million | Source: DeFiLlama
The blockchain network also managed to surpass Solana by way of transaction volume and variety of unique addresses. Previously two months, the blockchain network has experienced an immense increase in transaction volume and variety of unique addresses greater than that of Solana. Data from IntoTheBlock shows a formidable increase of 1.88 million day by day transactions on September 16, 2023.
Base’s immense increase in transaction volume and variety of unique addresses could be traced back to the growing user base of Base’s Friend.tech, a social platform that enables users to purchase and sell shares in public figures.
“In only 2 months, Coinbase’s Base L2 has skyrocketed, topping the charts in transactions and unique addresses. Much of this growth is fueled by the brand new social app, FriendTech,” IntoTheBlock stated on X.
Base operates as a layer 2 network on Ethereum that got here about attributable to the combined effort from Coinbase and Optimism. Incubated by Coinbase, Base was created to supply its users with a faster transaction process, improved scalability, and lower gas fees.
Currently, Base surpassing Solana in transaction volume, and the variety of unique addresses is probably the most impressive achievements of the blockchain network, attributable to Solana being probably the most notable blockchains within the crypto ecosystem known for its speed and scalability.
Throughout the first week of its mainnet launch, the blockchain network also surpassed Cardano by way of TVL, transaction speed, and variety of successful transactions. The blockchain saw more successful transactions in a single week than Cardano’s successful transactions in a single month.
SOL price tops $19.8 | Source: SOLUSD on Tradingview.com
Social App Friend.tech Attributed To Base’s Achievements
You’ll be able to’t rule out Friend.tech when talking about Base’s achievement within the crypto market. The social app is well-known amongst users and investors and has develop into an eminent topic of debate locally.
During its official launch on August 10, 2023, the invite-only social app recorded over 4,400 ETH ($8.1 million) in trading volume in only 24 hours after its launch. The social app has also reportedly accrued greater than 130,000 day by day users since its release. Base also saw a surge in Transactions Per Second (TPS) as more investors engaged within the social app.
Featured image from Tapchibitcoin, chart from Tradingview.com