The Ethereum (ETH) ecosystem welcomed Coinbase’s new scaling network just over a month ago. It layer-2 network called “Base” entered the crypto world with a bang as it immediately proved to be a huge success. The network has now been open for use for five weeks and continues to work excellently.
The Coinbase blockchain sets a new transaction record
Some time ago you may have read about Base’s successes. Due, among other things, to the hype at the time surrounding Friends.tech, the decentralized social media platform that runs on Base, the scaling network immediately came into the spotlight. The beta version of Friends.tech was made available just two days after Base launched.
Last Monday on Crypto Insiders you could see that Friends.tech was back in full use after the application’s popularity stalled. This resurrection also means that Base has now set a new record for the number of daily transactions.
On September 14, Base recorded an unprecedented 1.88 million transactions. The direct competitors Arbitrum (ARB) and Optimism (OP) together did not even come close to this number. Arbitrum and Optimism are also scaling Ethereum-based networks and recorded 780,000 and 370,000 transactions on the day, respectively.
Retail crypto network
Blockchain analytics platform IntoTheBlock also highlighted Base’s significant success in a new post on X (formerly known as Twitter) yesterday. The report states that the 7-day average number of transactions is currently increasing rapidly. At the time of the report, there were 702,000 transactions: well below the newly set record of 1.88 million
🔍 Dive into the grassroots network with our latest infographic! We examine several key on-chain metrics such as transaction data and active addresses.
Here are some key takeaways:– The 7-day average of daily transactions is increasing rapidly. While the average is currently 702,000, the… pic.twitter.com/V2QRSAGNL9
— IntoTheBlock (@intotheblock) September 15, 2023
Additionally, it suggests that the average transaction size is decreasing, indicating increasing adoption of smart contract interactions by retail users.
Finally, it says that the average 30-day rate for active addresses is an “impressive” 64.50 percent. This is a particularly stark contrast to Arbitrum and Optimism, whose odds are 2 and 4.5 percent, respectively.
As already mentioned, Base owes many of its successes to Friend.Tech. Both the daily trading volume and the Total value locked (TVL), which is the total value of assets secured by the protocol, has recently increased linearly with the so-called “SocialFi” app.
