Coinbase's Base Network Surges to Break Its Own Daily Transaction Record

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Tue, 26 Sep 2023, 11:50 AM
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Coinbase's Base Network Surges to Break Its Own Daily Transaction Record

Coinbase's Base Network sets a new daily transaction record, surpassing previous highs. However, it remains behind major chains like Polygon and BSC.

Mon, 18 Sep 2023, 06:26 am UTC

Coinbase's second-layer blockchain, Base, achieved an unprecedented daily transaction count, outpacing its previous best from its launch month, as per BaseScan's analytics.

Recently, on September 14, Base clocked in 1.88 million transactions, beating its prior best of 1.41 million on August 21, during its debut month. This growth places it ahead of competitors like Optimism and Arbitrum, which together recorded a total of 878,000 transactions that day.

Nevertheless, even with this impressive surge, Base finds itself trailing more established chains, specifically Polygon and BNB Smart Chain (BSC). On the same day, Polygon registered 2.1 million transactions and BSC noted a significant 3.1 million.

A unique observation is that unlike its August 21 record, Base didn't witness a similar surge in daily active users this time around. Dune Analytics data suggests that while the blockchain saw 136,000 daily users during its previous record, it counted approximately 86,000 on September 14.

Base's official launch was on August 9, introducing a slew of features allowing enthusiasts to bridge and swap tokens, furnish liquidity, create nonfungible tokens (NFTs), and more that align with the functionalities of second-layer networks. This functionality expansion demonstrated Coinbase's commitment to providing versatile platforms to meet the evolving needs of the crypto community.

The digital community has taken kindly to this network since its initiation. Remarkably, on September 6, the Base network was utilized by an array of over 268,000 distinct wallets, producing over 700,000 NFTs. This level of interaction signifies the trust and acceptance it's garnering among users. In its nascent fortnight, crypto assets worth over $242 million found their way to the blockchain, with an average of 130,000 distinctive wallets engaging with it daily, showcasing the network's growing prominence and utility.

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