- Base scored a home run after dethroning Arbitrum to secure the top spot among Ethereum Layer 2s
- Multiple ATHs contributed to the network’s leading position
As a seasoned crypto investor with a keen eye for spotting promising projects, I must say that Base has been nothing short of a game-changer this year. The way it dethroned Arbitrum to secure the top spot among Ethereum Layer 2s is nothing less than impressive. It’s like watching a baseball game where your team scores a home run in the ninth inning, securing the win.
It seems that this platform has been persistently striving to be the top Ethereum Layer 2 network, and it appears that objective has been reached as of late. This year, there’s been substantial expansion and practical application for the network, ultimately leading to its latest achievement.
Since March 2024, the daily transaction count of the Base network has consistently risen. As a result, Ethereum Layer 2 surpassed 6 million daily transactions around that time.
More so, it has kept up this average figure this week – Its highest level so far this year.
This is the first time that the network has soared above 6 million transactions per day.
Thus, the question is – How has this degree of network utilization impacted other network elements that foster expansion?
Base becomes leading Ethereum Layer 2
The primary result is that Base has moved into the number one spot among Ethereum Layer 2 solutions due to its recent growth. In fact, according to Coingecko, it has overtaken Arbitrum [ARB] to claim the top position in terms of trading volume.
Regarding trading volumes, Base managed to surpass $938 million in trades within a single day over the last 24 hours. On the other hand, Arbitrum, which moved down to the second position, recorded about half of that figure with approximately $462.7 million.
At the current reporting, Base surpassed Arbitrum in Total Value Locked (TVL) with an amount of approximately $2.47 million, while Arbitrum held around $2.41 million.
Additionally, it’s important to mention that the TVL (Total Value Locked) reached an all-time record within the past day.
Investors’ confidence in TVL’s latest achievement is evidently strong. Moreover, the network has managed to preserve healthy levels of liquidity, as suggested by its equally noteworthy increase in stablecoin market capitalization.
On October 16th, the total market capitalization of stablecoins reached a high of approximately $3.77 billion. However, at present, it has experienced a minor dip and stands at around $3.68 billion.
The consistent peak performances within the Base system have significantly strengthened its position as a leading player in the Ethereum environment.
Additionally, this project has managed to accomplish this milestone without relying on a native currency, something that usually experiences significant growth due to natural demand. As of now, the team behind the project hasn’t disclosed any plans for launching a native currency, but it might be a potential move in the future.
The success can be attributed to several elements, such as a robust community and an environment that is particularly appealing to developers. Notably, what has made it stand out the most are its efficiency and relatively low costs.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- STG PREDICTION. STG cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
2024-10-19 03:03