Ethereum

Solana

Polkadot

Base

Optimism

<ul class="list-ic vertical"> 
 <li> 1 <a>Six weeks after the launch, Ethereum Base is processing more transactions.</a> </li> 
 <li> 2 <a>Base broke its former record when it was launched in August 2023 according to BaseScan data.</a> </li> 
</ul> 
It has been almost six weeks since the Ethereum Layer-2 (L2) scaling solution backed by Coinbase, Base, was launched. Its bridge had posted 2090 transactions, according to a media report and data sourced from DefiLlama. 
The data also revealed that Base’s transaction is more than those registered by the Ethereum—Arbitrum and one other zkEVM bridge, which had 1,642 and 860 transactions, respectively. However, at press time, Base bridge reached the eleventh place in most active as per the transaction count. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img decoding="async" loading="lazy" width="1024" height="553" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-664-1024x553.png" alt="Ethereum Base Hits A New Peak in Terms of Daily Transactions" class="wp-image-170238" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-664-1024x553.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-664-300x162.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-664-768x415.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-664-750x405.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-664.png 1080w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source: DefiLlama
 </figcaption>
 </figure>
</div> 
Additionally, the Stargate Bridge topped the chart ranked by the number of processed transactions. It must be noted that Stargate Bridge connects to multiple blockchains and L2 platforms including Solana and Avalanche. At press time, Stargate had processed over 16,000 transactions. 
<h2 class="wp-block-heading" id="strong-is-ethereum-base-showing-growth-strong">Is Ethereum Base Showing Growth?</h2> 
According to a media outlet report, “the expansion in transaction count in the Ethereum to Base Bridge is quite remarkable. It pales compared to that processed by the zkSync Era Bridge.” The recent data also shows that the bridge, which only connects to Ethereum, had processed 29,970 transactions. It is over 14X that in the Ethereum to Base bridge. 
The growth to prominence of Base is noteworthy considering the timing of its launch and how it has to compete with other established<a href="https://www.thecoinrepublic.com/2023/08/26/the-ethereum-layer-2-sets-a-record-for-higher-transactions/" target="_blank" rel="noreferrer noopener"> Layer-2</a> networks, including Arbitrum and OP Mainnet, formerly Optimism. 
On the other hand, Ethereum still remains the most popular smart contract platform. Its native currency ETH is the second most valuable only after Bitcoin (BTC), but the base layer is struggling with scalability. At peak, the platform can only process almost 15 Transactions Per Second (TPS). 
<h3 class="wp-block-heading" id="strong-popularity-of-ethereum-l2-solutions-strong">Popularity of Ethereum L2 Solutions</h3> 
Forbes stated in its September 13, 2023 report that Ethereum may be killing the ‘Ethereum Killers’ with its L2 solutions incorporated into the Ethereum system over the last year and a half. 
The L2 blockchains like Base and Optimism were designed in a way that an Ethereum application can be duplicated and deployed to an L2 blockchain like Base. It makes it very easy for Decentralized Application (dApp) developers to launch on those blockchain platforms. 
There is a key issue with Ethereum alternatives like Polkadot and Solana and newer additions like Sui and <a href="https://www.thecoinrepublic.com/2023/09/21/aptos-labs-simplifies-web3-with-integration-of-coinbase-pay/" target="_blank" rel="noreferrer noopener">Aptos</a>. As they all “provide marginal improvements in terms of speed or have a different consensus mechanism for approving transactions.” 
Awa Sun Yin, Co-Founder of Anoma, an L1 blockchain, said that “L2’s make Ethereum applications cheaper for users, so it’s easy for developers to deploy what they have already built on Ethereum, and community-wise it lets them keep an anchor on Ethereum. It brings different options for developers to build applications that cannot be built on Ethereum.”

Ethereum Base Hits A New Peak in Terms of Daily Transactions

Table of Contents

Thecoinrepublic.com

Other articles published on Sep 22, 2023

Whale Tarik Banyak LINK dari Binance, Tanda Kelanjutan Bullish?

Argentina Might Decline BRICS Invitation

Dogecoin Price History: The Incredible Journey of a Meme Coin

Crypto operator CoinShares launches U.S. hedge fund division

India Emerges as Second-Largest Global Cryptocurrency Market Despite Stringent Tax Regime

SHIB Army Urged to Exercise Caution and Avoid Trading Calcium Token

Join our free newsletter for daily crypto updates!