- Base surpassed Arbitrum and Optimism in trading volume.
- Despite initial neglect, Base began to attract attention.
Arbitrum (ARB) and Optimism (OP) have seen gains in activity and price action moments since the Dencun upgrade, but Base has not received much attention.
But over time, the situation changed in Bass’ favor. Recent developments suggest a change in dynamics, potentially positioning the protocol as a frontrunner in the L2 race.
Activity is increasing.
Recent data shows a noticeable surge in activity on Base and a significant increase in the number of transactions. In the last 24 hours, the network has seen an 800% increase in daily active users.
On March 16, Base recorded its highest ever transaction count with 2,115,080.
The network’s total unique addresses are also on the rise, with an increase of 833,000 per day, bringing the total to an astonishing 67,790,726 addresses setting local ATH as of March 16.
Additionally, the number of verified contracts on the network reached 672, further highlighting the growing ecosystem.
Source: X
In particular, Base outperformed Arbitrum and Optimism in terms of active addresses on the network.
This surge in activity has led Base to surpass its peers in terms of trading volume as well, heralding a promising trajectory for the protocol.
Source: Artemis
TVL falls
However, while Base has seen notable growth in transaction volume and active addresses, its performance in the DeFi sector has been less than stellar.
In terms of Total Value Locked (TVL), Arbitrum led at press time, followed closely by Optimism. However, recently Base has emerged as a strong competitor.
Likewise, in DEX volume, Arbitrum continues to lead at press time, but Base has made significant progress, taking second place behind Optimism.
Increased activity on the network has led to increased monetization of the underlying protocol.
Base’s strong performance, surpassing Optimism and Arbitrum in generated revenue, highlighted its increasingly prominent reputation in the L2 ecosystem.
Source: Artemis