Coinbase’s Base Network Achieves Nearly 2M Daily Transactions

Coinbase’s layer-2 solution, Base Network, set a new daily transaction record, surpassing its previous high since its August debut, as per the blockchain explorer, BaseScan data.

On September 14th, Base Network recorded 1.88 million transactions, a significant rise from its past highest of 1.41 million transactions on August 21st. This volume outpaced layer-2 competitors Optimism and Arbitrum, which collectively recorded 878,000 transactions on the same day. However, Base still trails established blockchains like Polygon and BNB Smart Chain (BSC), which posted 2.1 million and 3.1 million transactions, respectively.

Interestingly, despite this surge in transactions, daily active users for Base Network declined. While the platform had 136,000 daily users on its August 21 record day, it saw only about 86,000 on September 14th, according to Dune Analytics.

Introducing Base Network:

An Ethereum Layer 2 (L2) chain, Base offers a secure, cost-effective, and developer-centric platform. Developed on the OP Stack with Optimism, Base benefits from Coinbase’s vast crypto expertise and aims for a gradual decentralization. The network doesn’t intend to launch a new token.

Key Features of Base Include:

Ethereum-Backed Security: Base combines Ethereum’s foundational security with Coinbase’s best practices, allowing a smooth transition for users from Coinbase, Ethereum L1, and other compatible chains.

Coinbase Empowerment: With Base, decentralized app developers have easier access to Coinbase’s ecosystem, which boasts 110 million verified users and over $80 billion in assets. The integration offers effortless fiat gateways and robust acquisition tools.

Cost-Effective and Advanced: Base ensures full EVM compatibility at reduced costs and is determined to advance the developer ecosystem. It provides gas-free transactions through developer-friendly APIs and fosters the construction of multichain apps with user-friendly bridges.

Open-Source Aspiration: Base aims to be a decentralized, open-access platform. Its vision revolves around establishing a standardized, modular, rollup-agnostic Superchain powered by Optimism. By partnering with Optimism as a Core Dev on the open-source OP Stack, it encourages a vibrant developer community.

Since its official launch on August 9, Base Network has enabled users to conduct a range of layer-2 activities, from token bridging to minting NFTs. Its reception in the crypto space has been favorable. Notably, over 700,000 NFTs were minted by more than 268,000 unique wallets on September 6. In the initial two weeks, the blockchain saw crypto assets worth over $242 million bridged to it, with 130,000 unique wallets accessing it daily.