Base, the Ethereum L2 network developed by Coinbase, has seen significant growth in the third quarter of this year and is expected to continue its upward trajectory through 2024. According to data from L2Beat, Base’s transactions per second (TPS) have surged by 51% in the last day, showcasing the network’s increasing popularity and usage.
Base has emerged as a strong competitor in the blockchain space, generating $7.2 million in revenue in Q3. With more projects and users migrating to Base, the network’s daily transactions are approaching the 7 million mark, indicating a growing user base and ecosystem.
The network’s transactions per second have seen a substantial increase, outpacing other L2 networks like Arbitrium One and OP Mainnet. Base has also managed to boost its Total Value Locked (TVL) by approximately 1%, reaching a cumulative peak of $2.5 billion. This growth in TVL underscores the confidence and trust that users have in the network.
In terms of revenue generation, Base has performed impressively, trailing only behind established names like Ethereum and Tron. The network’s revenue surpasses that of other prominent networks like BNB Chain and Arbitrum. CoinGecko’s report highlights Base as the leader in handling the most transactions in Q3, accounting for 42.5% of all Layer 2 transactions.
DefiLlama data reveals that Base currently hosts 368 protocols with 2.42 million active addresses in the last 24 hours. The network has experienced a 41% growth in active addresses over the past month, surpassing the growth rates of Ethereum and Solana. Additionally, Base’s daily transactions are nearing 7 million, a significant milestone for the network.
The increased activity on Base is supported by high development activity, with Token Terminal’s code commits surpassing 200 in the last 30 days. Base, built as an Optimistic Rollup using the OP Stack, is set to benefit from Ethereum’s upcoming upgrades, which will focus on rollup-centric scaling solutions.
The Pectra upgrade is expected to enhance Base’s data availability and transaction processing capacity, making the network more efficient and cost-effective. Base’s stablecoin market is thriving, with a TVL close to $3.708 billion, indicating robust liquidity and user engagement.
In a recent development, Bitgreen, a federal tax credit and carbon strategy platform, announced its migration from Polkadot to Base, signaling growing interest and adoption of the network. New Dapps, protocols, and memecoins are also contributing to Base’s expansion and ecosystem development.
Overall, Base’s impressive growth in 2024 positions it as a key player in the blockchain space, with a strong user base, thriving ecosystem, and promising future prospects.