#base , the #Ethereum✅ Layer 2 solution developed by Coinbase, became the leading layer L2, leaving behind Arbitrum, Optimism and other L2s!
Base has differentiated itself from other L2s as the most used Ethereum L2. The growth of Base Network is driven by memecoins and NFTs. Base's growth trend compared to its competitors started in April this year.
According to on-chain analyst Leon Waidmann, Base has officially secured its position as the “most used Ethereum L2.” Arbitrum held this position for the longest time, but the Coinbase chain recently removed this position from its label. Transactions processed on Base have increased by more than 60% in the last 30 days.
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Base L2 recorded up to 3.5 million transactions on a daily basis. On the other hand, Arbitrum recorded only up to 2 million transactions on a daily basis. During the same period where Base saw a more than 60% increase in daily transactions, Arbitrum recorded only about 22.3%.
The huge increase in Base's position can be attributed to a number of factors, including the ongoing #memecoin craze.
The prices of some of the top meme coins on Base have increased to the point where the adoption rate has increased. In light of this, some of the top hedge funds have started to adopt them. The total market cap of Memecoins is currently around $54.7 billion.
Meanwhile, Coinbase Base continues to eclipse Arbitrum in transaction count since April. On April 7, Coingape reported Base's 30-day transaction count was 45.21 million, Arbitrum One was 38.58 million, and Ethereum was 37.93 million, as seen on L2Beat.
Additionally, the Underlying Total Value Locked (TVL) stood at $3.89 billion during that period, after a 19.96% increase in trading volume was recorded during that period.
