Base Surpasses Ethereum in Daily Transactions
Base, which is a Layer 2 blockchain created by Coinbase, recently reached a major milestone by surpassing 4.2 million daily transactions. This achievement has positioned Base ahead of Ethereum in terms of transaction volume, which is a significant accomplishment in the blockchain world.
The Rise of Layer 2 Solutions
Since the start of 2023, there has been a notable increase in crypto activity, particularly on Ethereum and its Layer 2 solutions (L2s). By March, active users of these Layer 2 networks had exceeded 3 million, compared to Ethereum's 2.38 million active users. While Polygon and Arbitrum have been dominant among L2 solutions, Base has recently emerged as a key player. Currently, Base has over 4 million weekly addresses, surpassing Polygon's 2.2 million and Ethereum's 1.82 million.
Why Are Users Flocking to Base?
Base has become popular because it makes it cheaper and faster for users to interact with decentralized applications (dApps). Ethereum remains the leading blockchain for dApps and Decentralized Finance (DeFi), but it struggles with high gas fees and scalability issues. Base capitalizes on these challenges by offering lower transaction costs and higher speeds.
For example, the average transaction fee on Ethereum is about $1.05, while on Base, it's just $0.0419. This difference is significant for users who want to save money on transactions. Additionally, Base's Total Value Locked (TVL) reached $1 billion by mid-March, which is a remarkable achievement for a blockchain that launched less than a year ago.
The Role of Coinbase and Infrastructure
Base's success is partly due to the strong infrastructure and support provided by Coinbase. This backing has helped attract a large number of users by offering a reliable and efficient platform. As a result, Base is seen as an attractive alternative to Ethereum, particularly for users looking for a cost-effective solution.
Conclusion
Base's rapid growth and its ability to surpass Ethereum in transaction volume highlight its potential to lead in the blockchain space. By addressing some of Ethereum's main challenges, Base is paving the path for wider adoption of blockchain technology.
