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.
🔍 Dive into the Base Network with our latest infographic! We track several key on-chain metrics such as transaction data and active addresses.
Here are some key information:
– The 7-day average of daily transactions is increasing rapidly. While the average is currently 702k,… pic.twitter.com/V2QRSAGNL9
-intotheblock (@intotheblock) 15 September 2023
- 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 Friend.tech 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.
- Friend.tech 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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