Bittime - Base, Coinbase's Layer-2 scaling solution, is heading for a new record! Base trading volume on Uniswap reached an all-time high (ATH) of $9.4 billion.
What is Base?
Base is an Ethereum Layer-2 (L2) blockchain protocol developed by crypto exchange Coinbase.
Base's main goal is to make the Ethereum network more accessible to general users, without reducing the level of security offered by Ethereum's main blockchain. Check Today's Crypto Market:
Breaking Ethereum's Bottleneck
The Ethereum blockchain is known to have scalability issues, causing transactions to be slow and expensive.
Also read: What is Base, Coinbase?
Layer-2 like Base functions as a scaling solution by reducing the transaction load on the main blockchain. That way, transactions at Base can be processed more quickly and at lower costs.
Claim Costs 10 Times Cheaper
Base claims its transaction fees can be 10 times cheaper compared to transaction fees on Ethereum (based on a 90-day average). This is certainly good news for users who have been burdened by high gas fees on the Ethereum network.
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Developer and User Friendly
Base is designed to be developer friendly. Full compatibility with the Ethereum Virtual Machine (EVM) means developers don't need to change much of their code or tools to be able to build applications on Base.
Also read: What is the Ethereum Virtual Machine (EVM)?
Additionally, users can also easily move their crypto assets between Ethereum, Coinbase, other EVM-compatible networks, and the Base network.
Base Trading Volume Skyrockets
According to data from Uniswap Labs charts, Base continues to surpass its monthly record since the start of the year. In January, Base's trading volume was recorded at $329 million, then rose to $675 million in February.
A tremendous spike occurred in March with volume reaching $9.4 billion, indicating increased user interest.
It's worth noting that March was the same month that Coinbase announced plans to store users' USDC balances on the Base Network. Max Branzburg, Vice President Head of Consumer Products at Coinbase, announced the company's next steps via social media.
Coinbase aims to make it easier to manage and secure user funds with lower fees and faster settlement times.
This is another way to introduce additional functionality to Layer-2 protocols. These uses ultimately attract more users to the Base platform and in the long term, will likely increase the volume of transactions recorded on the network.
It's only mid-April and Base has already recorded a total trading volume of $7.8 billion, according to Uniswap Labs data. Considering that this month is only half over, there is a high probability that April's trading volume record will far exceed March's.
Base Outperforms Arbitrum and Ethereum
Compared to other protocols in the Ethereum L2 community, Base also records outstanding performance. According to a report from Coingape, a week ago Base outperformed Arbitrum and Ethereum in total daily transactions.
At that time, L2Beat data showed that Base's 30-day transaction number reached 45.21 million, while Arbitrum One's was 38.58 million, and Ethereum's was 37.93 million.
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After recording a 19.96% increase in transaction volume over seven days, Total Value Locked (TVL) surged to $3.89 billion during the same period.
For a network that faced network congestion challenges a few weeks ago, Base appears to be showing resilience and long-term prospects.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
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:
Base Developer Announces Base Network Performance Improvement Plan
Startling!! Memecoins on BASE are on the Rise!
Base: Definition, Function and Latest Developments
Transactions on Base Soar Beyond Arbitrum and Ethereum!
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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