Coinbase-backed Base has reached a significant milestone, processing more than 6 million transactions daily, positioning itself as a leader in the Ethereum Layer-2 space. The rapid growth of Base, closely integrated with Coinbase, has allowed it to outpace competitors like Arbitrum in terms of transaction volume and network activity.
In recent days, Base has consistently processed over 6 million transactions, peaking at 6.2 million on October 10. This upward momentum continued, with 6.1 million transactions on October 11 and 6.09 million on October 12. These figures highlight Base’s growing dominance, accounting for nearly 60% of all Layer-2 transactions, according to data from IntoTheBlock.
Base’s capacity to handle over 70 transactions per second (TPS) is a key factor in its success, surpassing competitors like Arbitrum, which manages fewer than 20 TPS. This high transaction throughput has made Base an attractive option for users and developers alike, fueling its rapid adoption.
The rise in transaction volume has also led to an increase in the total value of assets locked (TVL) on Base. According to DeFiLlama, Base's TVL recently reached $2.36 billion, slightly overtaking Arbitrum's $2.35 billion. However, figures from L2Beat suggest a different picture, with Arbitrum holding $13.24 billion in assets compared to Base’s $7.54 billion. This discrepancy highlights different methodologies in measuring network assets, as L2Beat includes both native and bridged assets, while DeFiLlama focuses more narrowly on DeFi protocols.
Jesse Pollak, Base's lead developer, addressed the variation in metrics, explaining that different platforms measure assets in different ways. DeFiLlama tracks productive capital in DeFi protocols, while L2Beat includes all assets on the network. Both methods provide valuable insights into the network’s growth and the distribution of capital.
Since its launch less than a year ago, Base has seen explosive growth, driven in part by its close ties to Coinbase. One key innovation has been the introduction of cbBTC, a wrapped Bitcoin product, which has expanded access to Bitcoin on decentralized finance (DeFi) platforms. This product has attracted a range of users, from retail to institutional investors, thanks to Coinbase’s trusted infrastructure.
The platform’s expanding ecosystem of decentralized applications (dApps) has also contributed to its success. Decentralized exchanges (DEXs) like Aerodrome and lending protocols like Aave have become popular on Base, driving user adoption and solidifying the platform’s position in the competitive Layer-2 space.
Base’s performance and fast adoption have set a new standard in the Ethereum Layer-2 sector. The network’s ability to scale quickly while maintaining high transaction speeds and low costs has attracted significant attention, helping it surpass rivals in several key metrics. As Base continues to grow, its integration with Coinbase and its expanding ecosystem of DeFi applications are likely to further strengthen its position in the market.
