Ethereum-Based Layer 2 Network “Base” Gaining Momentum, Outperforming Solana
The layer 2 blockchain network called Base, built on Ethereum, continues to impress with its Total Value Locked (TVL) and has even started to rival some of the most prominent blockchains in the crypto market. Base is rapidly approaching Solana in terms of TVL, indicating significant growth within the network.
Base’s TVL Surpasses $407 Million
According to data from DeFiLlama, Base currently boasts a TVL of over $407 million, while Solana’s TVL stands at just over $650 million. The surge in Base’s TVL can be attributed to the growing number of users and developers who are choosing to build their decentralized applications (dApps) and financial protocols on the Base network.
Base Overtakes Solana in Transaction Volume and Unique Addresses
In addition to its impressive TVL growth, Base has also surpassed Solana in terms of transaction volume and the number of unique addresses. Over the past two months, Base has experienced a substantial increase in daily transactions and unique addresses compared to Solana. On September 16, 2023, there was a remarkable increase of 1.88 million daily transactions on the Base network.
Growth Fueled by Friend.tech
The significant increase in transaction volume and unique addresses on Base can be attributed to the growing user base of Friend.tech, a social platform that allows users to buy and sell shares in public figures. IntoTheBlock noted that Friend.tech has played a major role in driving the rapid growth of Base’s layer 2 network.
Base: Enhancing Speed and Scalability on Ethereum
Base operates as a layer 2 network on Ethereum, developed through the collaboration of Coinbase and Optimism. Incubated by Coinbase, Base was designed to provide users with faster transactions, improved scalability, and lower gas fees. Surpassing Solana in transaction volume and unique addresses is a significant achievement for Base, considering Solana’s reputation for speed and scalability in the crypto ecosystem.
Achievements Beyond Solana
During its first week of mainnet launch, Base also surpassed Cardano in terms of TVL, transaction speed, and the number of successful transactions. The blockchain network witnessed more successful transactions in one week than Cardano did in an entire month.
Hot Take: Base Emerges as a Formidable Competitor to Established Blockchains
Base’s exceptional performance and rapid growth demonstrate its potential to become a major player in the crypto market. By outperforming Solana and even surpassing Cardano in various metrics, Base has proven that it can compete with established blockchains. With its enhanced speed, scalability, and growing user base driven by innovative applications like Friend.tech, Base is poised to continue its upward trajectory and solidify its position as a leading layer 2 network on Ethereum.
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