Coinbase, the prominent cryptocurrency exchange based in the US, has witnessed a remarkable surge in user activity on its layer 2 blockchain platform known as Base. This platform was publicly launched on August 9th and has already attracted substantial attention.
Notably, Dune Analytics reports that on August 10th, Base recorded an impressive number of over 136,000 daily active users. It is essential to highlight that this figure represents the highest number of users since Base’s inception and is a significant jump from the previous day.
The base itself operates as a layer 2 solution designed to enhance Ethereum transactions’ scalability, speed, and affordability. By leveraging Optimistic Rollups – a technique that consolidates multiple transactions into one and verifies them on a separate chain – Base offers these improvements.
Utilizing this system allows users to access various decentralized applications (dApps) such as Uniswap, Friend.tech, and DAOhaus without burdening themselves with high gas fees or enduring long confirmation times.
The rapid growth of Base’s user base can partially be attributed to the immense popularity of Friend.tech – a cutting-edge social network platform facilitating the buying and selling of shares associated with Twitter influencers.
Although it currently remains in the beta testing phase, requiring an invitation code for enrollment. Many industry insiders anticipate Friend.tech launching its own token soon. Speculation surrounds an accompanying token distribution sparked by increased demand for referral codes among eager adopters.
Base Ranks Fourth Among Layer 2 Solutions
The base is one of the many layer 2 solutions aimed at enhancing Ethereum’s ecosystem. Alongside projects like ZK-Rollups, Validium, and sidechains, it strives to achieve similar goals using different approaches. Notable contenders in this space include zkSync Era, Arbitrum, Optimism, Polygon, and Loopring.
On Aug. 10, Base ranked fourth among layer 2 solutions in terms of daily transactions per second (TPS), according to CryptoRank. This placed it trailing behind zkSync Era, Arbitrum, and Optimism. However, on the same day, as reported by the TokenTerminal data analysis tool, the Base surpassed Optimism.
Base Now Ranks 4th in Daily TPS Among Layer 2 Solutions 🔵#Base Layer 2 launched its mainnet yesterday and is showing robust growth in active users and transactions. Now it ranks 4th by daily TPS (Transaction per second). pic.twitter.com/pnYF0tk7b0
— CryptoRank Platform (@CryptoRank_io) August 10, 2023
Additionally, the impressive performance exhibited by Base during its initial two days of public launch indicates that Coinbase’s layer 2 network has significant potential to attract more users and developers in the future.
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Coinbase’s blog post mentioned that Base’s launch event signifies the start. This marks the onset of what they call the “Onchain Summer.” It symbolizes a time of innovation and experimentation within the blockchain domain.