After the mainnet launch about 2 months ago and its unconditional opening to users a few days ago, Coinbase’s layer 2 Base has exceeded 10 million transactions. A look back at the main statistics for this Ethereum (ETH) scaling solution.
Analysis of the main statistics of Coinbase’s layer 2 Base
Base, the layer 2 of the Ethereum (ETH) blockchain powered by Coinbase, has just exceeded 10 million transactions. To mark the occasion, we take a look back at the network’s key statistics since its mainnet was opened without permission just a week ago.
Focusing on the number of daily transactions, we can see two peaks in particular, marking an acceleration in adoption. The first was on 30 July, with 654,504 transactions, when application developers were able to access the network, and a second peak of activity occurred on 10 August, with 757,246 transactions, when everyone was able to use Base :
Figure 1 – Number of daily transactions on Base
As regards the number of addresses on layer 2, there are more than 576,000 at the time of writing. In terms of activity, more than 100,000 of these addresses are active every day, with a high of 127,042 reached on 10 August this year:
Figure 2 – Daily active addresses on Base
Smart contracts, gas and exchanges with Ethereum
Beyond the number of active users on Base, Layer 2 now has more than 178,000 smart contracts deployed on its network, although only 229 are “verified”. These statistics include the more than 27,000 tokens that have been created.
What’s more, transaction fees are particularly low on Base. And with good reason: in the space of a month, the average daily fee only exceeded the value of one GWei on 3 occasions, which corresponds to 10-9 ETH :
Figure 3 – Average transaction fees on Base
As regards communication between layer 2 and layer 1, on-chain data currently shows over 336,000 transactions to bridge assets from Ethereum to Base, and around 11,000 transactions in the opposite direction, notably to update the state of the blockchain.
In terms of decentralised finance (DeFi), the network has 55 applications, according to DefiLlama, with a total locked value (TVL) of $144 million.
While all this data provides an overview of Base’s adoption following the network’s launch around 2 months ago, it is still too early to compare it with competitors such as Optimism and Arbitrum. However, this will be an interesting exercise in the future, as users become more familiar with these different Ethereum scaling solutions.
