Base Surpasses Arbitrum as Most Used Ethereum Layer 2

Coinbase Layer 2 (L2) scaling protocol, Base Network, has outperformed some of its major competitors like Arbitrum.

Core Growth and Key Triggers

According to on-chain analyst Leon Waidmann, Base has officially secured the position of “most used Ethereum L2.” For a very long time, Arbitrum held this position, but the Coinbase chain recently removed its label. Over the past 30 days, transactions processed on Base have increased by more than 60%.

Every day, L2 records up to 3.5 million transactions. On the other hand, Arbitrum only recorded 2 million daily transactions. During the same period, Base saw an increase of over 60% in its daily transactions, with Arbitrum only recording about 22.3%.

The significant increase in Base’s position could be attributed to a number of factors, including memecoin frenzy. The prices of some of the best meme parts on base grew to the point that they began to see increased adoption. In light of this, some of the top hedge funds have started to adopt them. The overall market capitalization of memecoins currently stands at approximately $54.7 billion.

After reaching “star” status in December 2023, Solana-based dogwifhat (WIF) has begun to garner support from some of the top-ranked trading firms. Robinhood and Binance

announced their support for the token via a listing. At the time of writing, WIF was trading at $2.12 after gaining 10.15% over the past 24 hours.

Similarly, Shiba Inu (SHIB) has seen a slight price increase. Two days ago, the memecoin’s price jumped about 2%, reflecting a broad rally in the cryptocurrency market. The action was not interrupted by Base with its major outliers including Mamba, Toshi, and Brett.

Shiba Inu’s Burn Rate Reaches 1100%

On the one hand, the burning rate of SHIB is increasing daily. Today the combustion rate measurement surged 1,100%, a move that helped boost market sentiment. This resulted in the destruction of approximately 19.76 million SHIBs over the past 24 hours, signaling a robust effort to reduce overall supply. The total number of SHIBs burned now stands at 410.72 trillion, leaving a current circulating supply of 583.33 million.

In the meantime, The Coinbase Foundation has continued to outperform Arbitrum in terms of transaction count since April. On April 7, Coingape reported that Base’s 30-day transaction count stood at 45.21 million, Arbitrum One’s at 38.58 million, and Ethereum’s at 37.93 million, as reported on L2Beat.

Additionally, the total value locked (TVL) stood at $3.89 billion at the time, having recorded a 19.96% increase in trading volume at the time.

Learn more: Michael Dell is seriously considering Bitcoin, here is new proof

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