Base is Now Ethereum’s Most Used L2, Surpassing Arbitrum

Coinbase's second-layer scaling protocol, Base Network, has recently surpassed some of its leading competitors, including Arbitrum.

According to on-chain analyst Leon Weidman, the Base Network has officially become “the most used layer 2 network on Ethereum.”

Arbitrum previously held that position, but Base recently surpassed it. In the last 30 days, transactions processed on the network have increased by more than 60%.

#BASE is officially the most used #Ethereum L2!🥇

The #Coinbase Chain has even surpassed the long-time leader of the #ETH L2 ecosystem, #Arbitrum!

🔎Recent transaction counts:

🔹Base: 3.5M daily txs (+60% in the last 30d)
🔹Arbitrum: 2M daily txs (-22.3% in the last 30d) pic.twitter.com/x4p4N4hDBi

— Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) June 29, 2024

On a daily basis, Base logs up to 3.5 million transactions, while Arbitrum handles about 2 million transactions. During this period, Base saw a 60% jump in daily transactions compared to a 22.3% increase for Arbitrum.

Several factors likely contributed to Base’s significant growth, including the ongoing meme token craze.

Currently, the total market capitalization of meme cryptocurrencies stands at around $50 billion, and the market capitalization of the Base network stands at $2.01 billion, according to Coingecko data.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.