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Crypto Evolution: New Ethereum scaling network achieves success

Crypto Evolution: New Ethereum scaling network achieves success

The Ethereum (ETH) ecosystem has several so-called layer-2 networks to improve blockchain scalability. The US-listed crypto exchange Coinbase strengthened the competition some time ago by introducing its own scaling solution based on Ethereum. This network called Base seems to have had a successful start.

Ethereum is scaling the network’s popularity

Earlier this month, the Base network was officially launched, making it accessible to everyone. Base is built on the OP Stack, a toolkit for the Optimism (OP) network, and aims to provide a secure, inexpensive, and easy way to build decentralized apps (dApps). The goal of the Layer 2 network is to bring more than a billion new users into the crypto world.

The launch of the network was announced in February, however, the doors of the blockchain were opened on August 9th. More than two weeks have now passed and we can conclude that the launch was a complete success.

On the day of the launch, the network already reported a Total bridged (TVB) of more than 150 million US dollars. Data from a Dune Analytics dashboard shows that number has now grown to nearly $262 million. A bridge allows crypto users to transfer assets from one network to another.

Decentralized crypto apps on base

Since its inception, dApps have shown great interest in deploying their applications on the network. On day one of the network’s launch, more than 100 dApps were already onboarded to capitalize on the early hype.

For example, Chainlink (LINK) was won as a partner for decentralized use oracle Price feeds to the scaling network. Numerous wallets are also integrated, including Coinbase Wallet, Rainbow Wallet, Trust Wallet and Safe.

The network is currently being used to capacity by the popular decentralized app Friend.tech. The decentralized social media platform has been live since August 11 and has already passed the 100,000 user mark. The “Social-Fi” dApp has already processed almost 2.2 million transactions and is a major contributor to Base’s current success.

For several days, the total number of transactions has been higher than Ethereum’s other Layer 2 transactions Arbitrum (ARB) and Optimism (OP). In fact, as of August 21, it settled almost twice as many transactions as Arbitrum and even more than twice as many as Optimism.

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