SNEAK PEEK
- Base, Coinbase’s layer-2 blockchain, broke records with 1.88 million daily transactions on September 14.
- It outperformed competitors Optimism and Arbitrum, who managed 878,000 transactions on the same day.
- Base offers various services and gained attention with over 700,000 NFTs minted and $242 million in bridged assets in its first month.
On September 14, Base, Coinbase’s layer-2 blockchain network, set a new benchmark by processing 1.88 million transactions daily. This achievement eclipses its former record of 1.41 million transactions, set on August 21. Significantly, Base outperformed its competitors, Optimism and Arbitrum, which collectively managed 878,000 transactions on the same day.
However, despite this milestone, Base still trails behind more established blockchains like Polygon and BNB Smart Chain (BSC). Specifically, Polygon recorded 2.1 million transactions, while BSC boasted 3.1 million on the same day. Consequently, Base has room for growth as it aims to compete with these industry leaders.
Moreover, the network saw a decline in daily active users compared to its previous record-setting day. According to Dune Analytics, Base had approximately 86,000 daily active users on September 14, a drop from 136,000 on August 21. Hence, user engagement is challenging while the network is scaling regarding transactions.
Additionally, Base has been operational since August 9, offering many services such as token bridging, swapping, liquidity provision, and NFT minting. Within a month of its launch, the network has garnered significant attention from the crypto community. For instance, more than 700,000 NFTs were minted by over 268,000 unique wallets on September 6. During its initial two weeks, the network saw over $242 million in crypto assets bridged, with daily usage from 130,000 unique wallets.
Despite these impressive numbers, Base faces the uphill task of maintaining this momentum. The network must focus on user engagement and scalability to truly rival the likes of Polygon and BSC.
Base’s recent achievements mark a significant step in its journey, but the road ahead is long. The network will need to address its user engagement and scalability challenges to secure a position among the top layer-2 solutions in the crypto space.
