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Home»ADOPTION NEWS»Coinbase’s Base Layer 2 breaks the record of over 4.5 million transactions in a single day.
ADOPTION NEWS

Coinbase’s Base Layer 2 breaks the record of over 4.5 million transactions in a single day.

By Crypto FlexsSeptember 17, 20243 Mins Read
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Coinbase’s Base Layer 2 breaks the record of over 4.5 million transactions in a single day.
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Coinbase’s Layer 2 solution continues to lead the scale race, breaking a record on Saturday with over 4.5 million transactions. This milestone solidifies Base’s status as a leading Layer 2, and demonstrates its growing popularity and robust ecosystem.

The transaction surge represents a significant leap forward from Base’s already impressive performance, highlighting its rapid adoption and scalability. This growth trajectory places Base well ahead of other Layer 2 solutions and demonstrates Coinbase’s successful strategy in a competitive scaling environment.

Coinbase recently launched cbBTC, packaged Bitcoin Bitcoin

+3.30%
Alternatively, it is possible on both Ethereum and the base network, which keeps activity on Layer 2 active.

Introduced last Thursday, cbBTC is an ERC-20 token backed 1:1 by Bitcoin held by Coinbase, designed for use in DeFi applications across the Ethereum and Base ecosystems. The product aims to compete with WBTC, the largest tokenized BTC product currently with a market cap of nearly $9 billion.

The launch of this token opens up new possibilities for Bitcoin holders, allowing them to provide liquidity to DeFi protocols or use it as collateral to borrow other assets.

In addition to new product launches, Base’s success can be attributed to several factors.

  • Coinbase’s massive user base provides a large potential user pool and lowers the barrier to entry for many cryptocurrency enthusiasts.
  • Integration with Coinbase’s existing infrastructure provides enhanced security and stability, which is important for both retail and institutional users.
  • As Base’s dApp ecosystem grows, including DEXs like Aerodrome and Curve, and lending protocols like Aave, Compound, and Morpho, a variety of use cases are available.

As Base continues to evolve, the introduction of cbBTC and other innovations could further fuel growth. The platform’s ability to continue to break transaction records suggests that Coinbase’s bet on Layer 2 scaling is paying off, potentially reshaping the landscape of Ethereum scaling solutions.

This is an excerpt from The Block’s Data & Insights newsletter, where we dig into the numbers that make up the industry’s most thought-provoking trends.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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