Base processed a historic 11.447 million transactions in a single day, driven by the viral success of meme coins like Clanker and Virtuals Protocol.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Base, the Ethereum-based Layer-2 blockchain network by crypto exchange Coinbase, is hitting new milestones with a massive meme coin frenzy on the platform. On-chain data shows that the Base network processed a total of 11.447 million transactions in a single day, making a historic high.
The surge followed the viral success of the Clanker and Virtuals Protocol meme craze with the Base network exceeding the combined volume transactions of all other Ethereum Layer-2 networks on that day, as per data from Basescan.
Additionally, the decentralized exchange (DEX) on Base saw a record-breaking monthly transaction volume of approximately $42 billion in November. Additionally, the creator of the Layer 2 blockchain Base, Jesse Pollak, addressed concerns regarding the platform’s centralization.
He pointed out meme coins like BALD which helped to boost network activity on the platform. While speaking at an interview on the sidelines of Devcon in Bangkok, Jesse Pollak said:
“BALD caught us all by surprise. You know, this was before the public launch of Base. It was when it was just open for developers. I remember waking up on Saturday morning and being like, what is going on? It was not in our plan, and it happened.”
However, Coinbase layer 2 Base faced criticism after its decision to delist Wrapped Bitcoin (wBTC) while promoting Base-powered competitor cbBTC. The CEO of wBTC’s custodian called the network “central bank bitcoin”. However, Pollak brushes off these concerns, citing the example of Bald. “Bald showed that Base wasn’t going to be this place that was fully manicured, curated, controlled, and centralized,” he said.
Pollak contends that the success of Bald on Base, with its remarkable creativity and without any control from the Base team, demonstrates the platform’s openness.
The Base network has emerged as the fastest-growing Ethereum layer 2 with its TVL recently surpassing $10 billion, as per the data from L2BEATS. Base is now the second-largest Ethereum layer 2 by total value locked (TVL), with $18.3 billion, surpassing OP Mainnet for the position in June, and trailing only Arbitrum One.
Photo: L2BEAT
Ethereum layer 2 network Base reached a record 106.26 transactions per second (TPS), marking a nearly 28% increase from November 23. This surge in TPS follows a modest 4 TPS average in January, according to Base founder Jesse Pollak.
Base’s rapid rise in TPS positions it as a strong contender against Solana, one of the fastest blockchains. Additionally, the network recently surpassed 1 billion total transactions, driven in large part by the memecoin mania during this bull cycle.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
