Base chain outperforms other L2 networks in multiple indicators
Base chain is an Ethereum Layer2 network launched by the exchange Coinbase, developed based on the technology of Optimism, another L2 network. In over a year since its launch, in addition to the continuously growing TVL, Base chain has also outperformed Arbitrum, Optimism, Blast and other Layer2 networks in other data, including:- According to DeFiLlama data, Base chain's stablecoin market capitalization has reached $3.783 billion, second only to Arbitrum's $4.472 billion.
- According to The Block data, Base chain's on-chain transaction volume has surged recently, far exceeding Optimism, Arbitrum and others, with a total transaction volume of over $1 billion in the past 24 hours; the number of daily active addresses has also skyrocketed, reaching 1.46 million on October 14.
Why has Base been so successful?
Facing the above data, many may wonder why Base has achieved such great success in just over a year since its launch. The possible reasons may be:- Base is backed by the US-listed exchange Coinbase, and has grown rapidly with Coinbase's support;
- Benefiting from the meme coin frenzy in the current bull market, the meme coins on Base have a wealth effect, which can attract investors to actively participate in on-chain activities, bringing incremental users and capital to Base;
- Unlike other public chains, Base has not yet issued its own native cryptocurrency, and the project team has expressed a greater willingness to be a builder rather than a capital operator who exploits retail investors, which may be more appealing to users.
Further reading: What is Coinbase's Layer2 network Base chain? Analysis of pros and cons, cross-chain bridge tutorial, and potential projects
