September 27, 2023
Retail Rush: Coinbase's Layer 2 hits record 1.88 million daily transactions

Since Base’s official launch last month, the layer-2 blockchain has generated a lot of buzz. According to the latest data compiled by IntoTheBlock, the Coinbase-incubated network is seeing an increase in smart contract interactions along with retail adoption.

The seven-day average of daily transactions is increasing rapidly. On the other hand, the average is currently over 702k, while the daily figure has already reached 1.88 million.

  • ITB’s analysis further revealed that decreasing average transaction size indicates increasing retail adoption and smart contract interactions.
  • Furthermore, the 30-day average active address ratio sits at 64.50%. This figure is remarkable, especially when compared to other layer-2 solutions like Arbitrum (about 2%) and Optimism (about 4.5%).
  • The introduction of decentralized social media platform has played a major role in the increased attraction. The platform attracted new users and even many influential personalities in a very short period of time.
  • recently recorded a trading volume of over $18.51 million, further increasing network activity on the base blockchain.
  • The launch of Aerodome, the decentralized exchange on Base, acted as another catalyst that managed to push Layer-2’s TVL north of $400 million.
  • However, a subsequent network outage on September 5 – which lasted more than an hour and was the first such incident since the public launch – adversely affected TVL figures, which dropped 7% the following day to $411 million. Dropped to $383 million.
  • DeFiLlama data shows that TVL has continued to post further losses, falling to $377 million at the time of writing.

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