Coinbase-backed Ethereum The layer-2 Base network is growing rapidly, a reflection of the attention and adoption it receives in the crypto world.
Base’s rapid growth is a result of the release by its exchange, Smart Wallet. It’s a solution that allows users to self-manage their wallets.
Increased network activity
Base has recorded the most daily transactions of all Ethereum layer-2 network in the last day. It was followed by notable competitors like Arbitrum, Optimism and Optimum.
As per data According to the blockchain analytics platform GrowThePie’s data, Base’s transactions increased by 7.1% on June 4 to reach 2.7 millions. Arbitrum’s 1.89 million.
L2Beat data This significant activity is further confirmed. Base handles an average of 31,37 transactions per seconds (TPS) while Arbitrum processes about 22 TPS.
The layer-2 network has seen a significant increase in its total value. L2BEAT reports Base’s TVL increased 8.68%, to $7.64 Billion. Optimism’s TVL $7.76 Billion. Optimism and Base hold 16.42% and 16.17%, respectively, of the market for L2, while Arbitrum controls 40%.
Dune Analytics is also available. dashboard According to the dashboard curated by Kofi, Base has been the most profitable layer-2 network in the last three months. Base earned 16.88 millions in March. It also made $12.90million in April. And $6.98million in May, according to dashboard.
According to market experts, network traffic on Base has surged since the launch of Base. implementation of the Dencun Upgrade This update was released in March. The update also introduced proto-danksharding which significantly reduced gas costs for layer-2 solution like Base. At that time, CryptoSlate reported Base’s transaction costs increased as a result of an increase in bot trading.
Smart wallet
Coinbase is available on the web. introduced Smart Wallet, a highly anticipated product on the market that will address significant issues with going on-chain “slow, expensive, and hard.”
According to the company:
“Smart Wallets allows users to create a free, secure, self-custody wallet in just a few seconds. They simplify onboarding, reduce the number of transactions to be signed, and seamlessly let you use your Coinbase balances onchain.”
The wallet will support up to eight networks at first, such as Base, Ethereum Optimism Arbitrum Polygon Avalanche BNB Zora.
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Source: cryptoslate.com