According to Base, Ethereum Is the Leader with 48 Million Transactions
Reporter
- Base has outperformed Ethereum and Arbitrum in terms of activity in recent days.
- Interest in ETH and ARB remained high, but prices remained stable.
Coinbase’s layer-2 scaling solution Base has overtaken Arbitrum [ARB] and Ethereum [ETH] in terms of daily transactions and activity.
The L2 sector is getting competitive
According to L2Beat data, a neck-and-neck race for dominance among L2s developed. Base led the pack with a remarkable 47.78 million transactions processed in the last 30 days, closely followed by Arbitrum One with 39.26 million.
Even Ethereum itself processed a remarkable 37.90 million transactions, highlighting the overall network activity.
In terms of processing speed, Base emerged as the clear leader, reaching 35.19 daily transactions per second (TPS), a notable increase of 36.12%. This placed it well ahead of Arbitrum with 17.80 TPS and Ethereum with 14.38 TPS.
Source: L2Beat
In terms of total value locked (TVL), Coinbase’s Base has made significant progress. Despite earlier concerns about network congestion, it was able to reach a TVL of $1.3 billion.
This came alongside an impressive 29.71% increase in transaction volume over the past week. The increase put Base ahead of Arbitrum One, which currently stands at $3.2 billion TVL after experiencing a 1.61% decline in transactions.
Ethereum remained the TVL leader with $51.6 billion, but declined slightly over the past week (3.07%).
Source: Artemis
These trends indicated a potential shift in the L2 landscape. New entrants like Base have outperformed networks like Arbitrum.
Ethereum could benefit from this
Even though Ethereum itself might lose some ground in terms of pure transaction volume, it remains the foundation on which these L2s operate.
As L2 adoption increases, the entire Ethereum ecosystem will be strengthened, resulting in a more robust and valuable network in the long run.
Despite these factors, both ARB and ETH experienced a price correction in the past few days. Although the price of the tokens fell, the number of addresses holding both tokens had increased.
This indicated that the bullish sentiment surrounding these tokens continued but was not significant enough to affect the price movement.
Read Ethereum’s [ETH] Price Prediction 2024-25
At press time, ETH was trading at $3,386.65. In the past 24 hours, ETH has grown by 1.48% in the past 24 hours.
ARB, on the other hand, was trading at $1.49 and its price had increased by 0.99% in the past 24 hours.
Source: Santiment
