Bittime - The blockchain world is lively again with the brilliant performance of Coinbase L2 Base. Coinbase's blockchain scaling solution managed to surpass giants like Arbitrum and Ethereum in terms of daily transaction volume.
Base Transactions Soar High
Data from L2Beat shows that in the last 30 days, Base recorded 45.21 million transactions. This figure far outperforms Arbitrum One (38.58 million transactions) and Ethereum (37.93 million transactions).
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It should be noted, Arbitrum Nova still holds the record for most transactions with 81.31 million transactions in 30 days.
Total Value Locked (TVL) Base also Increases
In other good news, the Base's Total Value Locked (TVL) currently stands at $3.89 billion. This figure indicates an increase in transaction volume of 19.96% in the last seven days.
Also read: Base Developer Announces Plan to Improve Base Network Performance
Compare this with Arbitrum One and Ethereum which actually experienced a decline. Arbitrum One's TVL fell 4.87% to about $18.45 billion, while Ethereum's TVL fell 4.24% to $40.02 billion in the past week.
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This achievement is somewhat surprising considering that a few weeks ago, Base was facing network congestion challenges. However, the current high transaction volume shows that users are still enthusiastic about the services offered by Base.
Base Performance: Transactions per Second and Improved Functionality
Base's brilliant performance is not only visible from the number of daily transactions. In terms of Transactions per Second (TPS), Base reached 35.16, an increase of 36.12%. Compare this with Arbitrum and Ethereum which recorded 17.80 and 14.38 TPS respectively.
Apart from Base, Zora also experienced a significant increase in TPS, namely more than 700% with a score of 10.95 TPS.
Base's success appears to have been triggered by several interesting events in its ecosystem. One of them is storing USDC balances belonging to Coinbase retail and corporate customers on the Base network.
Also read: USDT vs USDC: Which is Better?
Coinbase Ready to Add New Features?
In the first quarter of 2024, Max Branzburg, Vice President and Head of Consumer Products at Coinbase, announced plans to store users' USDC balances on the Base Network.
This is done for ease of management, security of user funds with lower costs, as well as a faster transaction settlement process.
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Additionally, speculation arose about the Base token. Coinbase's Chief Legal Officer, Paul Grewa, hinted at the possibility of launching the token in an interview last year. The current delay is thought to be to focus on developing Base technology.
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Startling!! Memecoins on BASE are on the Rise!
Base: Definition, Function and Latest Developments
Mavia Partners with Base to Enhance Its Ecosystem
What is a Base Ecosystem? Understanding the Foundations of a Promising Crypto Platform
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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