Base Becomes Leading Ethereum Layer 2 Network

Base has been on a dedicated campaign to become the leading Ethereum Layer 2 network. And, it looks like it has achieved that goal now.

Ethereum Layer 2 network, Base, has achieved a new milestone with over 6 million daily transactions, a first for the network. This achievement has also seen Base become the leading Layer 2 network by volume, surpassing Arbitrum [ARB].

According to data from Coingecko on 20 October, Base clocked over $938 million in daily volume over the past 24 hours. In comparison, Arbitrum, which slid to the second spot, had less than half that amount at $462.7 million.

This puts Base in a strong position among Ethereum Layer 2 networks. Moreover, the network also led the pack in terms of Total Value Locked (TVL) at $2.47 million, compared to Arbitrum’s $2.41 million, at press time.

Interestingly, the TVL figure soared to a new historic high in the last 24 hours. This level of network adoption also had a positive impact on other aspects of the network that underpin growth.

The new milestone confirmed solid levels of confidence among investors. The network has also maintained decent levels of liquidity, judging by its equally impressive stablecoin market cap growth.

Base stablecoin market cap peaked at $3.77 billion on 16 October. At the time of writing though, it had tanked slightly to $3.68 billion.

These all-time highs in the Base ecosystem have been pivotal towards its dominance in the Ethereum ecosystem. Also, it has achieved this feat without a native token which, as one would imagine, would likely be soaring high courtesy of organic demand. The project has not yet revealed any plans to launch a native token, but that might be a possibility in the future.

These achievements were due to a combination of factors, including a strong community and a more attractive ecosystem for developers. In fact, the most prominent factors that have contributed to its attractiveness have been efficiency and low fees.

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