Coinbase-backed Ethereum layer-2 network, Base, continues to experience rapid growth, showcasing the significant adoption and attention it garners within the crypto community. This growth coincides with the recent launch of Base’s Smart Wallet, a self-custodial solution designed to onboard over 1 billion users onto the blockchain.
The surge in Base’s network activity is evident as it recorded the highest daily transactions among Ethereum layer-2 networks, surpassing competitors like Arbitrum and Optimism. Data from GrowThePie reveals that on June 4, Base’s transaction count surged by 7.1% to 2.7 million, outpacing Arbitrum’s 1.89 million transactions.
L2BEAT data further underscores Base’s momentum, showing the network processes an average of 31.37 transactions per second (TPS), compared to Arbitrum’s 22 TPS. This heightened activity has also led to a substantial increase in the total value of assets locked (TVL) on Base, which now stands at $7.64 billion, closely trailing Optimism’s $7.76 billion TVL.
Notably, Base has emerged as the highest-earning layer-2 network over the past three months, with earnings of $16.88 million in March, $12.90 million in April, and $6.98 million in May, as per insights from a Dune Analytics dashboard curated by on-chain analyst Kofi.
Experts attribute the surge in Base’s network activity to the implementation of the Dencun Upgrade in March, which introduced proto-danksharding and significantly reduced gas fees for layer-2 solutions like Base. This update, as highlighted by CryptoSlate, triggered increased bot trading activities that led to heightened transaction fees compared to rival networks.
In addition to its network growth, Coinbase has introduced the Smart Wallet product, aimed at addressing the challenges associated with on-chain transactions. The Smart Wallet allows users to effortlessly create a secure self-custody wallet supporting eight networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora, thus streamlining the onboarding process and enhancing user experience on the blockchain.
