Ethereum

Arbitrum

Burn

Base

Shiba Inu

Coinbase Layer 2 (L2) scaling protocol Base Network has outperformed some of its leading competitors like Arbitrum.
<h2 id="strong-base-growth-and-key-triggers-strong">Base Growth and Key Triggers</h2>
According to on-chain analyst Leon Waidmann, Base has officially secured the position of “most used Ethereum L2.” For the longest time, Arbitrum held this position, but the Coinbase chain recently stripped it off the tag. Within the last 30 days, transactions processed on Base have surged by more than 60%.
<blockquote class="twitter-tweet">
 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/BASE?src=hash&amp;ref_src=twsrc%5Etfw">#BASE</a> is officially the most used <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> L2!<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f947.png" alt="🥇" class="wp-smiley" style="height: 1em; max-height: 1em;">
 The <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a> Chain has even surpassed the long-time leader of the <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> L2 ecosystem, <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Arbitrum?src=hash&amp;ref_src=twsrc%5Etfw">#Arbitrum</a>!
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f50e.png" alt="🔎" class="wp-smiley" style="height: 1em; max-height: 1em;">Recent transaction counts:
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">Base: 3.5M daily txs (+60% in the last 30d) <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f539.png" alt="🔹" class="wp-smiley" style="height: 1em; max-height: 1em;">Arbitrum: 2M daily txs (-22.3% in the last 30d) <a rel="noopener noreferrer nofollow" href="https://t.co/x4p4N4hDBi">pic.twitter.com/x4p4N4hDBi</a>
 — Leon Waidmann | Onchain Insights<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f50d.png" alt="🔍" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@LeonWaidmann) <a rel="noopener noreferrer nofollow" href="https://twitter.com/LeonWaidmann/status/1807045397719978069?ref_src=twsrc%5Etfw">June 29, 2024</a>
</blockquote>
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Daily, the L2 records as much as 3.5 million transactions. On the other hand, Arbitrum saw only as much as 2 million daily transactions. Within the same period that Base saw more than a 60% surge in its daily transactions, with Arbitrum registering only about 22.3%.
The sizable surge in Base’s position could be attributed to a number of factors including the ongoing <a href="https://coingape.com/blog/memecoins-making-waves-with-potential-gains-of-up-to-170/" target="_blank" rel="noopener noreferrer nofollow">memecoin frenzy</a>. The prices of some of the <a href="https://coingape.com/top-memecoins-on-base/" target="_blank" rel="noopener noreferrer nofollow">top meme coins on Base</a> grew to the point that they began to experience increased adoption. In light of these, some of the finest hedge funds started adopting them. The overall market capitalization for memecoins currently stands at around $54.7 billion.
After rising to “stardom” in December 2023, Solana-based dogwifhat (WIF) began to garner the support of some of the highest ranking trading firms. Robinhood and <a href="https://coingape.com/dogwifhat-wif-price-rallies-as-binance-announces-listing/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> announced their support for the token via listing. At the time of this writing, WIF was trading at $2.12 after gaining 10.15% in the last 24 hours.
Similarly, Shiba Inu (SHIB) has been exhibiting slight rise in price. Two days ago, the memecoin price surged by about 2%, reflecting a broad crypto market recovery. The action was not turned off Base with its core outliers including Mamba, Toshi, Brett.
<h2 id="strong-shiba-inu-s-burn-rate-hit-1100-strong">Shiba Inu’s Burn Rate Hit 1100%</h2>
On one hand, SHIB burn rate is increasing daily.&nbsp;Today, the <a href="https://coingape.com/shiba-inu-burn-rate-rockets-1100-shibs-climb-to-0-00002-imminent/" target="_blank" rel="noopener noreferrer nofollow">burn rate metric</a> jumped up by 1,100%, a move that contributed to boosting market sentiment. This translated to the destruction of approximately 19.76 million SHIB in the last 24 hours, signaling a robust effort to reduce the overall supply. The total burned SHIB is now 410.72 trillion, leaving a current circulating supply of 583.33 million.
Meanwhile, <a href="https://coingape.com/coinbase-l2-base-outshines-arbitrum-in-transaction-count" target="_blank" rel="noopener noreferrer nofollow">Coinbase’s Base</a> has continued to outshine Arbitrum in transaction count since April. On April 7, Coingape reported that Base’s 30-day transaction count came in at 45.21 million, Arbitrum One at 38.58 million, and Ethereum at 37.93 million, as seen on L2Beat.
Also, Base Total Value Locked (TVL) came in at $3.89 billion at the time, after recording a 19.96% increase in the volume of transactions at the time.
Read More: <a href="https://coingape.com/michael-dell-is-seriously-considering-bitcoin-heres-new-proof//" target="_blank" rel="noopener noreferrer nofollow">Michael Dell Is Seriously Considering Bitcoin, Here’s New Proof</a>
The post <a href="https://coingape.com/base-outshines-arbitrum-as-most-used-ethereum-layer-2/" rel="noopener noreferrer nofollow">Base Outshines Arbitrum As Most Used Ethereum Layer 2</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Base Outshines Arbitrum As Most Used Ethereum Layer 2

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