Base, the Ethereum L2 network developed by Coinbase, has seen major growth in the third quarter and through 2024. In the past day, Base’s transactions per second (TPS) increased 51%, according to data from L2Beat.
Base proves be one solid competition after generating $7.2 million in revenue in the third quarter. As more projects and users migrate to Base, daily transactions are approaching 7 million.
Base sees more growth in activity and transactions
According to L2Beat, basic transactions per second (TPS), averaged over the past day, have increased by almost 51%. By comparison, transactions in Arbittrium One rose 17.5% and OP Mainnet fell 11.9%. At the same time, Base managed to increase its TVL by about 1%. Dollars committed to the network are at their cumulative peak of approximately $2.5 billion this week.
In Q3, Basic reportedly generated $7.2 million in revenue. Among other blockchain networks, it was only behind names like Ethereum and Tron That generated $159 million and $151 million, respectively. Base outperformed networks like BNB Chain ($3.4 million) and Arbitrum ($3.3 million). conditions of gain. In 2024 there was major activity on Base and CoinGecko report notes that it processed the most transactions in the third quarter. Last quarter, Base accounted for 42.5% of all Layer 2 transactions, followed by Arbitrum with 18.9% and Blast with 8.1%.
According to DefiLlama, The base contains 368 protocols with 2.42 million active addresses in the last 24 hours. Over the past month, Base has recorded a 41% growth in active addresses, outperforming Ethereum and Solana’s respective increases of 4% and 25%. The network’s daily transactions are also rising towards 7 million for the first time, after maintaining at least 6 million transactions during the week.
Transactions based | Base: DefiLlama
Ethereum upgrades will be beneficial for L2s
The increased transactions are supported by high development activity on Base over the past 30 days. Token Terminal’s code commits subsequently surpassed 200 increasing by about 20% during the period. Notably, Base is an optimistic rollup built using the OP Stack. Co-founder of Ethereum Vitalik Buterine recently underlined that the path to scale will be roll-up oriented, which will further accelerate Base’s development.
Meanwhile, the Pectra upgrade is expected to be a major improvement for the Base network, along with other L2s. The upgrade aims scale data availability and increase network capacity to process more transactions at lower costs. It will Integrate PeerDAS to increase the amount of data Ethereum can process without overwhelming individual nodes by 2025.
Base’s rollup is in phase 0, which means it’s still early phase of development. Despite this, the stablecoin market on the network is almost $3.708 billion at the time of writing. It means higher liquidity than Solana, which was at $3.615 billion, at the time of writing. TVL and activity are also affected by asset minting.
As of Monday, Base’s TVL included $5.67 billion of its own assets, while nearly $100 million was bridged externally from other chains. $2 billion was bridged canonically, with USDC being a major player, with approximately $3.4 billion in multi-chain contracts.
Base has experienced enormous growth in 2024.
+ 1.5 million daily unique addresses.
+ TVL is $2.49 billion
+ more than 366 protocolsThey just surpassed Arbitrum at $2.39 billion
The majority of Base’s TVL, more than $1.3 billion, comes from the Aerodrome grant.
Base is currently in the top 5 blockchains in TVL, after… pic.twitter.com/xvhsjJY2xo
— Andrew.moh (@0xAndrewMoh) October 16, 2024
Recently, Bitgreen, a federal tax credit and carbon strategy platform, announced migration from Polkadot to Base. So are new Dapps, protocols and memecoins add fuel the network this year.