Base, the Ethereum-base L-2 network, reached an all time high by hitting over 9.2M in daily transaction count

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As a seasoned researcher with a keen interest in blockchain technology and its applications, I find myself thoroughly intrigued by the remarkable strides made by Coinbase’s Layer 2 network, Base. The recent surge in daily transactions to an all-time high of 9.2 million is not just a milestone, but a testament to the rapidly growing adoption of Base as a go-to solution for scalability in the blockchain space.

On Ethereum, the layer 2 network developed by Coinbase, known as its base, has achieved a new record with 9.2 million transactions processed daily.

As an analyst, I’m observing a remarkable milestone: Base is swiftly becoming a preferred option for L2 scalability solutions, establishing itself as a front-runner in the blockchain sector. The data from BaseScan indicates that since its launch on August 9, 2023, the daily transactions for this Blockchain have soared significantly. This surge in daily transaction count underscores the network’s ability to manage increased activity, which is largely attributed to its competitive transaction fees, user-friendly development process, and seamless integration with Coinbase.

There are several factors that may have led to the success of the Blockchain. It has become a key platform for decentralized finance applications, non-fungible tokens and gaming, attracting both developers and users looking to leverage its scalability. Further, its connection with Coinbase’s ecosystem allows millions of users to easily interact with dApps. This well-positions Base to keep up with the growing demand of the crypto industry. 

Phantom wallet adds more traction to Base:

Phantom Wallet has announced a major addition to its ecosystem by fully integrating with Base.  

Today, we’re making @Base available to all Phantom users! Now you can:

— Phantom (@phantom) November 25, 2024

Originally created as a wallet specifically for Solana, the Phantom system has expanded its functionalities to accommodate Ethereum, Polygon, and now also Coinbase’s layer 2 blockchain.

Now that this integration has advanced beyond its testing stage, Phantom users gain the ability to buy both Ether (ETH) and USD Coin (USDC) through Base platform, as well as exchange tokens across Base, Ethereum, Solana, and Polygon networks.

As a crypto investor, I firmly believe that the future of managing digital assets hinges upon cross-chain interoperability. This advancement not only enhances the overall user experience but also fortifies my position within Phantom’s ecosystem, making it smoother to navigate and transact across various other blockchains.

It’s not just the high number of transactions that sets Base apart; it’s also its significant success. As of November 25th, it holds the title of the largest Layer 2 blockchain, with a total value locked of approximately $3.4 billion, as reported by DeFiLlama. This surge has propelled it far ahead of competitors like Arbitrum, which stands at $3 billion. In the broader blockchain landscape, Base ranks sixth, outpacing many Layer 1 networks such as Ethereum, Solana, and Bitcoin.

With a strong background in TVL and an expanding user base, it’s clear that Layer 2 solutions are becoming increasingly crucial for addressing scalability and adoption challenges. These solutions serve as essential building blocks for alleviating Ethereum network congestion and high gas fees, paving the way for easier deployment of DeFi projects and dApps.

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2024-11-26 14:40