Base, the Ethereum L2 network developed by Coinbase, has experienced major growth in Q3 and through 2024. Over the last day, Base’s transactions per second (TPS) increased by 51%, as per L2Beat data.
Base is proving to be a solid competition after generating $7.2 million in revenue in Q3. As more projects and users migrate to Base, its daily transactions are nearing 7 million.
Base sees more growth in activity and transactions
Base transactions per second (TPS) averaged over the past day are up by almost 51%, according to L2Beat. In comparison, Arbitrium One transactions were up by 17.5% and OP Mainnet was down by 11.9%. At the same time, Base managed to increase its TVL by around 1%. The dollars locked on the network are at its cumulative peak of about $2.5 billion this week.
In Q3, Base 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 ($3.4M) and Arbitrum ($3.3M) in terms of revenue. 2024 saw large activity on Base and CoinGecko report finds that it handled the most transactions in Q3. In the last quarter, Base made up 42.5% of all Layer 2 transactions, followed by Arbitrum at 18.9% and Blast at 8.1%.
According to DefiLlama, Base houses 368 protocols with 2.42 million active addresses in the last 24 hours. Over the past month, Base has recorded 41% growth in active addresses and outperformed Ethereum and Solana’s respective increases of 4% and 25%. The network’s daily transactions are also inching towards 7 million for the first time after maintaining at least 6 million transactions through the week.
Ethereum upgrades will be beneficial for L2s
The increased transactions are backed by high development activity on Base in the last 30 days. Token Terminal’s code commits surpassed 200 after increasing by about 20% in the period. Notably, Base is an Optimistic Rollup built using the OP Stack. Ethereum co-founder Vitalik Buterin has recently underlined that the scaling road will be rollup-centric, giving more acceleration to Base’s development.
Meanwhile, the Pectra upgrade is expected to be a major improvement to the Base network, along with other L2s. The upgrade aims to scale data availability and enhance the network’s capacity to process more transactions at lower costs. It’ll integrate PeerDAS to increase the amount of data Ethereum can handle without overwhelming individual nodes by 2025.
Base’s rollup is at Stage 0, which means it’s still in an early phase of development. Despite that, the stablecoin market on the network at the time of writing is close to $3.708 billion. It signifies higher liquidity than Solana, which was at $3.615 billion, at press time. TVL and activity are also impacted by the minting of assets.
On Monday, Base’s TVL included $5.67 billion in assets natively minted while close to $100 million were externally bridged from other chains. $2 billion were canonically bridged with USDC being a major player, holding about $3.4 billion across multi-chain contracts.
Base has had massive growth in 2024.
+ 1.5m daily unique addresses.
+ TVL is at $2.49b
+ over 366 protocolsThey just surpassed Arbitrum at $2.39b
Most of Base's TVL, over $1.3b, is from the Aerodrome exchange.
Base currently ranks in the top 5 blockchains in TVL, following… 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. New Dapps, protocols, and memecoins are also adding fuel to the network this year.
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