Base Network's Transactions Soar, Outperforming Arbitrum and Supporting $54.7 Billion Meme Token Market

The Base Network, a Layer 2 scaling solution by Coinbase on Ethereum, has surpassed Arbitrum in daily transactions, with a 60% increase to over 3.5 million transactions daily. This growth is attributed to the popularity of memecoins, with meme tokens on Base now valued at $54.7 billion and the Solana-based dogwifhat (WIF) recording a 10.47% rise in a week. This surge positions Base as a significant player in Ethereum's Layer 2 solutions ecosystem.

The Base Network, Coinbase's Layer 2 scaling solution on Ethereum, has outperformed its competitors, including Arbitrum. According to recent data, the Base Network has experienced a significant surge in daily transactions, surpassing Arbitrum's 2 million daily transactions by over 1.5 million transactions [1].

One of the primary reasons for Base's growth is the popularity of memecoins. Memecoin transactions on Base have increased, with their total market capitalization reaching an impressive $54.7 billion [1]. One such memecoin, Solana-based dogwifhat (WIF), has experienced a notable rise, with a 10.47% increase in a week [2].

The increased adoption of memecoins on Base has led to the attraction of prominent players in the crypto space. Some of the finest hedge funds have started adopting these memecoins, further boosting their popularity and transaction volume.

Moreover, Base's total value locked (TVL) has surged past $4 billion for the first time, with over $1.45 billion of that value being assets locked on Ethereum to be represented on Base and $2.7 billion in natively minted assets [2]. This impressive figure positions Base as the third-largest Ethereum layer 2 solution.

In conclusion, Coinbase's Base Network is making significant strides in Ethereum's Layer 2 solutions ecosystem. With the ongoing memecoin frenzy driving the growth of Base, it is poised to become a crucial player in the space.

References:
[1] CoinGape. (2024, June 29). Base Outshines Arbitrum as Most Used Ethereum Layer 2. https://coingape.com/base-outshines-arbitrum-as-most-used-ethereum-l2/
[2] CoinTelegraph. (2024, April 7). Coinbase's Base TVL Surges Past $4 Billion, Transactions Beat Ethereum. https://cointelegraph.com/news/coinbase-base-tvl-4-billion-transactions-beating-ethereum