- Base recently saw all-time highs in both transaction count and the number of active addresses on the chain, surpassing other optimistic rollups like Arbitrum and Optimism.
- The surge in activity on Base was driven in part by the memecoin MIGGLES, which was deployed on a fork of Solana’s pumpfun platform called apefun on Base.
- While Base leads in transaction count and active addresses, it still trails Arbitrum in total value locked (TVL) within the chain.
Base, a layer 2 blockchain solution, has recently experienced a surge in usage and adoption. This comes on the heels of its mainnet launch earlier this year.
The Numbers Behind Base’s Growth
On July 15th, 2022, Base recorded 328 million transactions processed on the chain. By July 19th, just four days later, that number had climbed to 352 million transactions – an average daily increase of around 18 million.
In tandem with the rise in transactions, the number of active addresses interacting with Base also saw all-time highs. Starting at 567,000 active addresses on July 15th, the number rose to nearly 650,000 by July 19th – an average daily gain of 35,000 active addresses.
How Base Compares to Other Layer 2s
This recent growth has cemented Base’s status as the leading optimistic rollup, surpassing competitors like Arbitrum and Optimism in both transaction count and active addresses. However, Base still lags behind Arbitrum in Total Value Locked (TVL), with Arbitrum boasting $325 billion versus Base’s $177 billion.
What’s Driving the Increased Adoption?
A major driver of this surge in activity is the memecoin MIGGLES, which launched on Base’s apefun platform. MIGGLES saw a huge rise in popularity after Coinbase tweeted about it, resulting in massive trading volumes. This demonstrates Base’s potential to onboard new retail crypto users.
Conclusion
Base’s recent metrics confirm its position as a leading layer 2 scaling solution. With increased usage and integration with Coinbase, Base is positioned for even more growth in transactions, users, and TVL. The coming months will reveal whether Base can catch up to Arbitrum and other layer 2s in market adoption.
