Coinbase layer-2 network, Base, has recently reached a milestone by recording close to 2 million daily transactions. This surge in activity surpassed its prior record, set when it launched in August. According to BaseScan data, on September 14, Base processed a staggering 1.88 million transactions.
With this, it outshone its previous high of 1.41 million transactions on August 21, marking the month of its launch. Notably, Base even outperformed other competing layer-2 networks like Optimism and Arbitrum, which collectively managed only 878,000 transactions on that particular day.
Chasing the Leaders: Base’s Progress and Challenges
While Base Network’s recent achievement is certainly commendable, it still trails behind more prominent blockchain networks, notably Polygon and BNB Smart Chain (BSC). On the same day, Polygon reported an impressive 2.1 million transactions. However, BSC soared ahead with a staggering 3.1 million transactions.
User Engagement Metrics: A Comparative Analysis
One noteworthy aspect of Base’s recent surge is its user engagement metrics. Comparing it to its previous milestone on August 21, when the network boasted 136,000 daily active users in addition to a high transaction volume. However, the story was different this time around. On September 14, Base registered only approximately 86,000 daily active users, as per data meticulously compiled by Dune Analytics.
Base Network’s Journey Since Launch
Base Network officially debuted on August 9. It offered users a wide array of functionalities including token bridging, swapping, liquidity provision, NFT minting, and much more, typical of layer-2 networks. Its launch was met with enthusiasm and approval from the crypto community.
In an astonishing display of NFT minting, on September 6, over 700,000 NFTs were created. It involved more than 268,000 unique wallets on the layer-2 network. During its initial two weeks post-launch, Base Network facilitated the bridging of over $242 million worth of crypto assets onto its blockchain.
Impressively, it attracted 130,000 unique wallets that engaged with the network daily, showcasing its potential for growth and continued success.
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