Base Network Surges Ahead of Solana in Transactions and TVL
Base, the Layer 2 blockchain network developed by Coinbase, has experienced a significant surge in transactions and new addresses over the past two months. This growth can be attributed to the rise of FriendTech, a new social application that has propelled Base ahead of its competitor Solana.
In addition to the increase in transactions and unique addresses, Base has also surpassed Solana in terms of Total Value Locked (TVL). Currently, Base boasts an impressive TVL of approximately $374.43 million, surpassing Solana’s $306.93 million.
This surge in activity on Base highlights the growing preference among users and developers to utilize the network for decentralized applications and financial activities.
Base: Enhancing Transaction Processing and Scalability
Base is a Layer 2 network built on the Ethereum framework through a collaboration between Coinbase and Optimism, with Coinbase overseeing its development. The network’s primary goal is to provide fast transaction processing, improved scalability, and reduced gas fees.
Recently launched on the mainnet, Base has gained significant attention for its rapid expansion. To ensure decentralization and neutrality on their blockchain platform, Coinbase has introduced a set of “Base Neutrality Principles.”
The Significance of Base’s Growth
The exponential growth of Base, along with its surpassing of Solana in Total Value Locked, marks a crucial moment for the network. It solidifies Base’s position as a powerful Layer 2 solution and reflects the increasing trend of decentralization and innovation that is shaping the future of the crypto industry.
Hot Take: Base Network Emerges as a Strong Competitor
Base Network’s recent surge in transactions, unique addresses, and Total Value Locked demonstrates its growing prominence in the crypto space. With the introduction of FriendTech, Base has surpassed established competitor Solana in key metrics.
As more users and developers choose to leverage Base for their decentralized applications and financial endeavors, it cements Base’s position as an influential Layer 2 solution. This growth also highlights the industry-wide shift towards decentralization and innovation, setting the stage for an exciting future in cryptocurrency.
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