In the race to scale Ethereum, Coinbase's Layer 2 Base seems to be temporarily leading with a sudden increase in capital inflows into the blockchain this week. Nearly $20 million in ETH has flooded into Base since Monday, nearly twice as much as Arbitrum and five times as much as Optimism.

Additionally, Base also noted an increase in the daily volume of contracts deployed, implying that blockchain is becoming increasingly relevant and popular among users.

Base beats competitors in race to scale Ethereum

The rivalry between Ethereum Layer 2 chains is increasingly fierce, with Base, Arbitrum and Optimism competing for transactions, onchain transfer volume and ETH deposits into the chain.

Data from IntoTheBlock shows that Base received 6,580 ETH deposits this week, more than twice as many as Arbitrum at 2,730 and almost five times as many as Optimism at 1,260.

Source: IntoTheBlock

Daily contract volume on a chain refers to the number of contracts executed on a blockchain on a specific day. This is an important indicator showing the level of activity and development of the network.

Of the 14,700 daily contract developers on Tuesday, 9,000 chose to deploy on Base.

The market capitalization of Base's memecoin ecosystem exceeds $900 million and several crypto tokens are being deployed on Layer 2 of Coinbase.

Elsewhere, Base will be hosting a month-long online hackathon starting June 3 with a reward of 200 ETH (~613,200 USD) to be distributed to the finalists.

In total, over 600 ETH (~$2 million) will be provided to creators in the form of grants, prizes, and gas credits.

*A hackathon is an event often held within the developer community, where they work together for a short period of time to create innovative projects, applications or solutions. Hackathons often focus on testing new ideas, learning from each other, and building technology products. Challenges and prizes are often offered to stimulate creativity and competition among participating teams.

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