New Coinbase Ethereum layer-2 has just hit a new ATH in Daily Transcations. Check out the latest reports about the matter below.
New threshold has been hit by ETH layer-2
Last Thursday, Coinbase’s Ethereum (ETH) layer-2 scaling solution, Base, broke its previous record of approximately 1.4 million daily transactions by recording more than 1.8 million transactions on September 14th, as confirmed by the project’s block explorer.
It’s worth noting that Base’s daily transaction volume surpassed that of its competitors, Arbitrum (ARB) and Optimism (OP), combined.
While Arbitrum processed around 500,000 transactions on the same day, Optimism managed approximately 378,000, according to their respective block explorers.
Base, which is powered by Optimism, officially launched last month. Coinbase aims to use the project to bring over a billion people into the crypto economy.
The exchange has no plans to introduce a network token linked to Base, and the project is designed to work with various blockchain technologies such as Ethereum, Ethereum layer-2s, and other layer-1 blockchains.
Currently, OP is valued at $1.38, ranked 41st in market capitalization, and has seen a rise of 2.2% in the past 24 hours and over 6.1% in the past seven days.
Meanwhile, ARB is trading at $0.788, ranked 39th by market capitalization, and has experienced a decrease of more than 2.1% within the past day and over 12.5% in the past week.
Ethereum in the news
According to IntoTheBlock, a company specializing in analytics, Ethereum’s layer-2 (L2) protocols are making headway in carving out unique roles.
The company highlights that Ethereum scaling solutions such as Base, Arbitrum (ARB), and Optimism (OP) are establishing a diverse and robust ecosystem by pursuing their distinct paths.
IntoTheBlock proposes that Base, the new layer-2 protocol by Coinbase, is benefiting from the cryptocurrency exchange’s significant user base and the increasing trend of blockchain-based social networking platform Friend.tech.
Check out our previous article for more details about ETH.
