- Coinbase’s Layer 2 Base has emerged as the most attractive option for investors, attracting over 6,500 ETH in net deposits this week – more than double that of Arbitrum and five times as much as Optimism.
- Base’s transaction volume surpassed $1 billion daily following Ethereum’s Dencun upgrade, significantly closing the gap with Coinbase’s centralized exchange.
- While Base’s popularity is rising, scammer activity on the network has increased by almost 1,900% since January, resulting in approximately $170,000 stolen through phishing scams.
Coinbase’s Base has emerged as the most attractive option for investors right now. Layer 2 networks have witnessed massive activity this year even as their native tokens slumped amidst intense volatility across the broader market. These solutions have witnessed relatively steady activity since the beginning of the year.
Investors Flock to Base
Over the course of this week, net ETH deposits into the Base have exceeded 6,500 ETH, marking a significant increase according to the data shared by ITB. On the other hand, its rival Arbitrum saw just half of this figure. Optimism lagged even further behind with only a fifth of the deposits Base received.
Such a trend suggests that despite the growing interest in Layer 2 scaling solutions, investors still see Base as the preferred choice for deploying their capital, possibly due to factors like its established infrastructure or perceived reliability.
Base’s Popularity Attracts Scammers
Owing to its growing popularity, the Base chain appears to be a target for scammers. Scam Sniffers data observed that two of the top 10 largest single thefts occurred on this chain, making up 21% of the month’s total theft. Since January, scammer activity on the network has increased by almost 1900%, resulting in approximately $170,000 stolen through phishing scams. In April, nearly 90% of the stolen assets were ERC-20 tokens.
Conclusion
Base continues to lead the way as the most popular Layer 2 solution, attracting significant new capital from investors. However, its popularity has also made it a target for scammers looking to take advantage of unsuspecting users. As Base works to scale Ethereum and boost adoption, maintaining security will remain an ongoing priority.
