The Base network has registered a significant increase in users due to its reliability and indispensable support from Coinbase and its partners.
Amid the ongoing mainstream adoption of web3 protocols and digital assets through real-world assets (RWA) tokenization, Coinbase Global Inc (NASDAQ: COIN)-backed Base network, an Ethereum (ETH)-based layer two (L2) scaling solution, has registered a plethora of new users. Despite not having a native token like the other L2 networks, the Base network has continued to innovate in the web3 space to enable seamless interoperability and top-notch security for users at scale.
Base Network vs Other L2 Scaling Solutions
According to on-chain data analysis conducted by IntoTheBlock, the Base network continues to lead other top-tier Ethereum-based L2 scaling solutions led by Arbitrum (ARB) and Optimism (OP). Precisely, the Base network has been leading other layer two scaling solutions with nearly 40 percent more daily active addresses.
According to market data provided by Defillama, Base Network had a total value locked of about $1.51 billion and a stablecoins market cap of around $3.19 billion.
In the past 24 hours, the Base network registered a net volume of about $511 million, and a total revenue of around $45k. The total number of active addresses on the Base network was about 839k.
As for Arbitrum (ARB), the network takes pride in more than $2.7 billion in total value locked and a stablecoins market cap of about $4.55 billion. The Arbitrum network reported a total volume of about $613 million and revenue of around $19k in the last 24 hours. The Arbitrum network has a total of 413k daily active users.
On the side of Optimism (OP), the network has a total value locked of about $620 million and a stablecoins market cap of around $1.31 billion. In the past 24 hours, the Optimism network reported a total of 67k active addresses and a revenue of around $14k.
The Polygon (MATIC) network had a total value locked of about $921 million and a stablecoins supply of around $2 billion. In the past 24 hours, the Polygon network reported a total of 580k active addresses and a volume of around $140 million.
Market Impact
The continued growth of the Base network has significantly contributed to the overall revenue increase in Coinbase operations. As Coinspeaker previously reported, Coinbase’s revenue for the second quarter of 2024 came in at about $1.45 billion, higher than analysts’ expectations.
As a result, COIN shares have continued to rise in the long haul, whereby the shareholders have seen a rise of about 20 percent year-to-date and over 179 percent in the past year to trade around $205 on Thursday.
The notable adoption of the Base network has also helped in the mainstream adoption of the Ethereum Web3 ecosystem and ETH itself. With Coinbase offering a myriad of services to institutional investors, ETH price is bound to significantly benefit from the mainstream adoption of the Base network.
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