As a seasoned researcher with a knack for deciphering blockchain trends and a personal journey that started with mining Bitcoin back in 2013, I’ve seen the industry evolve from a niche interest to a global phenomenon. The rise of layer two scaling solutions like Base, Arbitrum, Optimism, and Polygon is a testament to this transformation.
In the midst of increasing acceptance of web3 technologies and digital assets being connected to traditional assets via RWA tokenization, the Ethereum-based scaling solution from Coinbase Global Inc (NASDAQ: COIN), known as the Base network, has seen a surge in new users. Although it lacks a native token like other L2 networks, the Base network continues to push boundaries in the web3 sector by ensuring smooth interoperability and superior security for users at scale.
Base Network vs Other L2 Scaling Solutions
Based on research using on-chain data, conducted by IntoTheBlock, it’s clear that the Base network is currently dominating among the top Ethereum L2 scaling solutions such as Arbitrum (ARB) and Optimism (OP). More specifically, the number of daily active addresses on the Base network is approximately 40% higher compared to other layer two scaling solutions.
Based on Defillama’s market data, the total value locked within Base Network was approximately $1.51 billion, while its stablecoin market capitalization stood at roughly $3.19 billion.
Over the last day, approximately 839,000 active addresses were recorded on the Base network, generating a net volume of roughly $511 million and total earnings of around $45,000.
Speaking of Arbitrum (ARB), it boasts over $2.7 billion worth of assets secured within its network, along with a stablecoin market capitalization approximately equaling $4.55 billion. In the past 24 hours, the Arbitrum network has handled a total volume of around $613 million and generated around $19,000 in revenue. Additionally, the Arbitrum network counts approximately 413,000 active users on a daily basis.
On the optimistic side, the network boasts approximately $620 million in total value secured and a stablecoin market capitalization roughly equating to $1.31 billion. Over the past day, Optimism network has registered about 67,000 active addresses and generated around $14,000 in revenue.
On the Polygon (MATIC) platform, approximately $921 million was locked in the network, with a circulation of roughly $2 billion in stablecoins. Over the past day, the network reported about 580,000 active addresses and a trading volume of around $140 million.
Market Impact
The ongoing expansion of Coinbase’s Base network has played a substantial role in boosting the company’s overall earnings. According to Coinspeaker’s earlier report, Coinbase’s Q2 2024 revenue stood at approximately $1.45 billion, surpassing analyst predictions.
Due to this, COIN stock has persistently climbed upwards in the long term. Consequently, shareholders have experienced a gain of approximately 20% so far this year, along with an increase of more than 179% in the last twelve months, trading at around $205 on Thursday.
1. The widespread use of the Base network has contributed to the broader acceptance of the Ethereum Web3 environment and ETH as well. Since Coinbase provides various services catering to institutional investors, it’s anticipated that the price of ETH will experience substantial growth due to the increasing popularity of the Base network.
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2024-08-22 14:38