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.