Base, the Ethereum L2 network developed by Coinbase, has seen strong growth in Q3 and throughout 2024. Yesterday, according to L2Beat data, Base's transactions per second (TPS) increased by 51%.
Base is proving to be a formidable competitor after generating $7.2 million in revenue in Q3. As more projects and users migrate to Base, the platform's daily transactions are nearing 7 million.
Base's average transactions per second (TPS) increased by nearly 51% yesterday. In comparison, Arbitrium One's transactions increased by 17.5% and OP Mainnet decreased by 11.9%. At the same time, Base has attempted to increase its TVL by around 1%, with the total value locked on the network (TVL) reaching a peak of around $2.5 billion this week.
In Q3, Base generated $7.2 million in revenue. Among other blockchain networks, it ranks behind Ethereum and TRON, which generated $159 million and $151 million, respectively. Base outperformed networks like BNB Chain ($3.4 million) and Arbitrum ($3.3 million) in terms of revenue. 2024 has seen significant activity on Base, and CoinGecko's report shows it processed the most transactions in Q3. In the previous quarter, Base accounted for 42.5% of total Layer-2 transactions, followed by Arbitrum with 18.9% and Blast with 8.1%.
According to defillama, Base is home to 368 protocols with 2.42 million active addresses in the past 24 hours. In the past month, Base has seen a 41% increase in the number of active addresses, outperforming the growth of Ethereum and Solana, which were 4% and 25%, respectively. The network's daily transaction volume is also nearing 7 million, having maintained at least 6 million transactions throughout the week.
Transactions on Base | Source: defillama
The increase in transactions is supported by the high development activity on Base in the past 30 days. The Token Terminal score has surpassed 200 after increasing by around 20% during this period. Notably, Base is an Optimistic Rollup platform built using the OP Stack. Ethereum co-founder Vitalik Buterin has recently emphasized that the scaling roadmap will focus on rollups, further accelerating Base's development.
Meanwhile, the Pectra upgrade is expected to be a major improvement for the Base network, as well as other L2s. The upgrade aims to expand data availability and increase the network's capacity to handle more transactions at lower costs. It will integrate PeerDAS to increase the amount of data Ethereum can process without overloading individual nodes by 2025.
The deployment of Base is in Phase 0, meaning it is still in the early stages of development. However, the stablecoin market on the network has currently reached $3.708 billion, surpassing Solana's $3.615 billion in liquidation. TVL and activity are also affected by asset minting.
On Monday, Base's TVL included $5.67 billion in minted assets and nearly $100 million in bridged assets from other chains. $2 billion has been bridged to USDC, along with around $3.4 billion on multi-chain contracts.
Recently, Bitgreen, a federal tax credit and carbon strategy platform, announced its migration from Polkadot to Base. New Dapps, protocols, and memecoins are also fueling the network this year.
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According to CryptoPolitan
