IntoTheBlock, a prominent on-chain data analysis platform, has released findings suggesting that Coinbase’s Ethereum scaling solution, Base, may emerge as the leading layer-2 (L2) blockchain by the year’s end. The report evaluates various performance indicators illustrating Base’s rapid growth and its potential to outpace its competitors in the L2 sector.
What Indicators Show Base’s Growth?
The analysis highlighted Base’s total value locked (TVL), a vital metric that signifies the assets secured on a platform. Remarkably, in just over a year since its launch, Base is on track to surpass Arbitrum’s TVL. In September alone, the platform recorded an impressive surge of approximately $700 million in TVL, suggesting that if this momentum persists, it could claim the top spot among L2 solutions.
Will Base Outperform Its Competitors?
Base has also seen a surge in transaction volume, capturing between 40% and 60% of the transaction activity across three major L2 networks. Since June, it has established its foothold in total transactions linked to Ethereum addresses, with a steady rise in new user registrations. This trend indicates a growing preference for Base among users.
- Base’s TVL growth indicates strong user confidence.
- Transaction volume suggests greater adoption compared to peers.
- The model set by Base may inspire other crypto firms to create tailored blockchain solutions.
These trends underscore Base’s emerging significance within the Ethereum ecosystem, positioning it competitively against other L2 blockchains. With its current trajectory, Base could very well reshape the landscape of Ethereum scaling solutions.