- Base hit a home run after defeating Arbitrum to secure the top spot among Ethereum Layer 2.
- Several ATHs have contributed to the network’s leading position.
Base has been running a dedicated campaign to become the leading Ethereum Layer 2 network. And now it looks like we’ve achieved that goal. This year the network has seen significant growth and usability and achieved its most recent milestone.
The number of daily transactions on the Base network has been steadily increasing since March 2024. Accordingly, Ethereum Layer 2 recently surpassed 6 million daily transactions.
Moreover, this week we have maintained this average figure. This is the highest level so far this year.
Source: DeFiLlama
This is the first time that daily trading volume exceeds 6 million.
So the question is – how has this level of network adoption affected other aspects of the network that support growth?
Base will lead Ethereum Layer 2.
The first major result is that it has pushed Base to the top of the Ethereum Layer 2 rankings. In fact, according to Coingecko, it recently surpassed Arbitrum (ARB) to become the leading Layer 2 by trading volume.
Speaking of trading volume, Base has recorded a daily trading volume of over $938 million in the last 24 hours. Arbitrum fell into second place with less than half that amount, at $462.7 million.
Base has also overtaken Arbitrum in terms of TVL with $2.47 million compared to Arbitrum’s $2.41 million at press time.
It is also worth noting here that TVL figures have soared to new historical highs in the last 24 hours.
Source: DeFiLlama
TVL’s new milestone confirms its solid level of confidence among investors. The network has also maintained a decent level of liquidity, judging by the equally impressive stablecoin market capitalization growth.
The underlying stablecoin market cap peaked at $3.77 billion on October 16. However, at the time of this writing, it has fallen slightly to $3.68 billion.
Source: DeFiLlama
These all-time highs in the Base ecosystem were pivotal in its dominance in the Ethereum ecosystem.
Additionally, as you can imagine, this feat was achieved without a native token, which would likely skyrocket based on organic demand. The project has not yet revealed plans to launch a native token, but that may be possible in the future.
This achievement was the result of a combination of factors, including a strong community and a more attractive ecosystem for developers. In fact, the most prominent factors contributing to its appeal were its efficiency and low fees.