- Base reinforced its lead as the top Ethereum layer 2 with new TVL ATH.
- Daily transaction count soars to new highs as utility continues to fuel growth.
As a seasoned crypto investor who has witnessed the rise and fall of several projects over the years, I must admit that Base’s performance this year is nothing short of impressive. Having closely monitored the Ethereum layer 2 scene, I can confidently say that Base has not only secured its position as the top player but also shown signs of further growth.
The Base network’s relentless push to become the top Ethereum [ETH] layer 2 this year has paid off.
Regardless of this victory, it’s still setting fresh records to maintain its top spot and possibly increase its supremacy. Let’s explore the recent achievements by the Base network.
As a crypto investor, I’m excited to see that Base currently holds the number one spot among Ethereum layer 2 solutions in terms of Total Value Locked (TVL). Recently, it has managed to widen its lead even further by reaching a new all-time high.
On November 25th, the value locked in our network’s TVL reached an all-time high of approximately $3.55 billion. This month has seen an impressive addition of more than a billion dollars to that figure.
At the current moment as reported by CoinGecko, Base outperformed Arbitrum [ARB], the second closest competitor, with a TVL (Total Value Locked) of $1.3 billion more.
The state of the Base network
The growing size of Base TVL indicates the blossoming nature of its associated ecosystem. Additionally, the usefulness and activity within the network have significantly increased, reaching unprecedented highs and approaching 10 million transactions.
On November 26th, I witnessed an all-time high (ATH) for the network’s daily transaction count, reaching an impressive 9.32 million transactions – a significant milestone in my crypto journey.
As a researcher delving into the intricacies of the blockchain, I’ve noticed an impressive spike in transactions that coincided with substantial activity levels. In the past day alone, the on-chain volume on Base reached a staggering peak of $1.85 billion.
This was confirmation that the network was still experiencing robust on-chain activity.
On November 13th, the network experienced its peak daily volume transacted on the blockchain, reaching an impressive $2.16 billion.
It’s quite remarkable when you consider that the daily transaction volume for this layer 2 network was typically under $100 million during the first two months of 2024.
Despite this impressive performance, there is one metric that has been lagging compared to its performance earlier in the year. Base daily revenue has been growing, and it just soared to a new 5-month high of $610,940.
2024’s record-breaking revenues for the network are light years away from the figures we’ve seen historically. For a clearer comparison, it’s worth noting that Base achieved its highest daily revenue of this year, which amounted to $3.34 million, on March 26th.
There is one potential explanation for the revenue peak difference. ETH traded significantly higher back then, with price briefly soaring above $4,000 in March 2024.
Is it likely that Base will continue to stay ahead? Based on its recent track record, it seems that the network has seen a peak in utilization or user growth in November 2024.
It’s managed to reach its aim by soaring to the highest point, yet the story beyond this achievement remains blank; fresh rivals could potentially present obstacles down the line.
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2024-11-27 09:43