Coinbase L2 Base Transactions Hit Historic Highs, Thanks to These Meme Coins

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As a researcher with years of experience in the cryptocurrency market, I must admit that I am both intrigued and impressed by the rapid growth and achievements of Base, the Ethereum-based Layer-2 blockchain network by Coinbase. It’s fascinating to witness such a significant surge in transactions, reaching an unprecedented 11.447 million in a single day, and breaking all records.

The Ethereum-connected Layer-2 blockchain system operated by Coinbase, known as Base, is breaking records due to a meme coin craze on its platform. Data from the network indicates that it handled an impressive 11.447 million transactions in one day, setting a new record high.

On that particular day, the activity significantly increased on the Base network, surpassing the total transaction volumes of all other Ethereum Layer-2 networks. This surge in activity can be attributed to the explosive popularity of the Clanker and Virtuals Protocol meme trend, as evidenced by data from Basescan.

Moreover, last month’s transaction volume on the Decentralized Exchange (DEX) based on Base hit an all-time high of around $42 billion. Furthermore, the founder of Base Layer 2 blockchain, Jesse Pollak, has spoken out about addressing fears related to the platform’s potential centralization.

During a talk at Devcon in Bangkok, Jesse Pollak highlighted cryptocurrencies similar to BALD that stimulated user engagement and increased overall platform activity.

BALD took us unaware. This was back when it was still under development and only accessible to developers. On a typical Saturday morning, I woke up to find things stirring, unsure of what was unfolding. It wasn’t part of our strategic plans, but it happened nonetheless.

Nevertheless, Coinbase Layer 2 Base encountered criticism following its move to remove Wrapped Bitcoin (wBTC) while favoring its own cbBTC alternative. Critics labeled the network as “central bank bitcoin” by wBTC’s custodian CEO. However, Pollak dismisses these worries, comparing Base to Bald and stating that it won’t be a controlled, centralized platform, as Bald demonstrated Base isn’t meant to be overly groomed or managed.

According to Pollak, the fact that Bald on Base thrived with such originality and without any oversight from the platform’s team, clearly showcases the openness of the platform.

Base TVL Crosses $10 Billion, TPS Hits New Highs

The Base network has experienced rapid growth, becoming the swiftest-expanding Ethereum layer 2. According to data from L2BEATS, its Total Value Locked (TVL) has exceeded $10 billion, placing it as the second-largest Ethereum layer 2 in terms of TVL, with a total value of $18.3 billion. This growth allowed Base to surpass OP Mainnet for this position in June, and it now trails only Arbitrum One.

On February 9th, the speed of transactions on the Ethereum layer 2 network named Base reached an all-time high of 106.26 transactions per second (TPS). This represents an impressive 28% rise compared to November 23rd. Notably, this significant boost in TPS comes after an average of just 4 TPS back in January, as stated by Base’s founder, Jesse Pollak.

Base’s rapid rise in TPS positions it as a strong contender against Solana, one of the fastest blockchains. Additionally, the network recently surpassed 1 billion total transactions, driven in large part by the memecoin mania during this bull cycle.

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2024-11-28 16:19