Coinbase’s Layer-2 Network Base Competes with Top Networks
Coinbase’s Layer-2 network, Base, has surpassed Optimism and Arbitrum in daily transaction volume, with 617,330 transactions on August 13. While Arbitrum and Optimism have regained their lead, this highlights the activity on Base since its launch and the competition among the top networks.
Base Enjoys Growth Since Public Launch
- Base has seen a high transaction volume and an influx of memecoin and token creations since its public launch on August 9.
- The friend.tech social network and the Onchain Summer initiative by Coinbase have further driven the network’s growth.
- Projects like Coca-Cola launching an NFT collection on Base have attracted users.
- Daily transactions per second have improved to 7.69, and the total value of assets locked on the network is $229 million.
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Scam Projects Plague Base
- Several scam projects have appeared on Base, with rug pulls and more than 500 scam tokens.
- These scams have attracted over $3.7 million in trading volume.
- Rug-pull tactics include withdrawing liquidity, minting excess tokens, and selling everything off.
- An ex-employee of Uniswap was accused of rug-pulling 14 ETH from a meme project on Base.
Hot Take
While Base’s transaction volume and growth are impressive, the presence of scam projects is a concern. Coinbase must address this issue to maintain the network’s reputation and attract more users.
