Base’s Activity, Challenges: Look into Layer 2 Networks

On August 13, Base reached 617,330 transactions, surpassing the 544,575 transactions on Arbitrum and the 438,559 on Optimism.

Even though Arbitrum and Optimism have since regained the lead, this incident illustrates the level of activity on Base since its debut and how the competition among the leading networks may develop.

The Layer 2 solution has witnessed an influx of memecoin and other token creations since Base’s public debut on August 9.

Even before its public release, the BALD memecoin had attracted the attention of crypto speculators.

However, the recent introduction of the friend.tech social network has contributed to the expansion of its network.

Coinbase’s Onchain Summer initiative has also contributed to the prominence of its layer-2 network.

While the multi-week event is scheduled to conclude at the end of this month, it is already attracting users to the network through multiple initiatives, including Coca-Cola’s launch of the Masterpiece NFT collection on the layer 2 scaling solution.

According to L2Beat information, Base daily transactions per second have been increasing to 7.69. In addition, the total value of network-locked assets has risen to $229 million.

In the meantime, Base is gaining a negative reputation as the home of numerous scam initiatives.

At least two projects have been removed from the network since its introduction, and a recent report indicates that there are more than 500 scam projects on the network.

The report by Solidus indicates that the trading volume for these fraudulent tokens exceeds $3.7 million.

Scammers manipulate the tokens by withdrawing liquidity as soon as they acquire traction, minting an excess of new tokens, and selling everything.

It was reported last week that a former Uniswap employee was accused of stealing 14 ETH, or approximately $26,000, from a meme project on the Coinbase-backed Layer 2 network.