Coinbase L2 Surpasses Arbitrum in Transactions

Coinbase’s Layer 2 scaling solution, Base, has outperformed Ethereum and Arbitrum in terms of daily transactions.

The scaling method for Coinbase’s Layer 2 When compared to other cryptocurrencies, such as Ethereum and Arbitrum, Base has performed better in terms of the number of daily transactions.

Coinbase’s Base Transaction Spike

According to the data provided by L2Beat, the 30-day transaction count for Base is 45.21 million, Arbitrum One is 38.58 million, and Ethereum is 37.93 million. It is noteworthy that Arbitrum Nova has the largest transaction count for the past 30 days, which is 81.31 million.

The volume of transactions that have taken place over the past seven days has increased by 19.96%, which has resulted in the base total value locked (TVL) of Coinbase reaching a current value of $3.89 billion.

When compared to Ethereum and Arbitrum One, this is a huge growth for the L2 cryptocurrency. Arbitrum One has experienced a drop in transactions estimated to be worth 4.87%, resulting in a TVL of only approximately $18.45 billion.

The value of Ethereum’s TVL has decreased by 4.24% since seven days ago, bringing it to $40.02 billion. A month ago, Ethereum L2 Arbitrum was unexpectedly in the lead among the other L2s on the list.

However, Base appears to have abruptly overtaken it. Despite the significant network congestion that Base faced a few weeks ago, endangering its integrity, the high transaction volume indicates that customers remain enthusiastic about the services offered by the L2.

When it comes to the number of transactions that occur per second (TPS), Base reached 35.16, representing a 36.12% rise, while Arbitrum and Ethereum are now at 17.80 and 14.38, respectively.

Similar to Base, Zora has also seen a significant rise in its TPS. The L2 recorded a TPS of 10.95, surpassing 700%.The unexpected increase in Base metrics comes after several interesting events that have taken place inside the L2 ecosystem, one of which is the storage of USDC balances belonging to corporate and retail clients on the network.

Coinbase’s Vice President and Head of Consumer Products, Max Branzburg, took to X around the end of the first quarter of 2024 to announce that the business intends to begin keeping its users’ USDC balances on the Base Network.

For Coinbase, this is a way to handle and safeguard customer cash comfortably while simultaneously reducing fees and achieving speedier settlement times.

In addition to this, it facilitates the enhancement of Base’s capabilities, which ultimately leads to improved results in its TVL. Despite this, there are still rumors that a base token will be created.

During an interview that took place a year ago, Coinbase’s Chief Legal Officer, Paul Grewa, made a passing reference to the prospect of the offering.

The fact that the network was now concentrating on advancing technological advancements at Base was the only justification he could offer at the time for the delay.