- The Base Network is currently outperforming other Ethereum Layer 2 solutions with a significant lead in transaction counts.
- This surge can be attributed to a rise in memecoin activities, driving more transactions to the network.
- Statistics show that Base Network’s transaction count growth started gaining momentum back in April of this year.
Discover how Base Network is outpacing competitors like Arbitrum, driven by a memecoin boom and robust transaction growth.
Base Network Overtakes Arbitrum
In recent developments, the Base Network has established itself as the top Ethereum Layer 2 solution by transaction count, outshining its competitors such as Arbitrum. On-chain analytics highlight that over the last 30 days, Base Network saw a surge of over 60% in transactions, while Arbitrum experienced a decline of 22.3%.
Factors Behind Base’s Rapid Growth
The primary driver behind Base Network’s growth is the ongoing memecoin phenomenon. Popular memecoins on the network have gained significant value, attracting increased user activity. This, in turn, has drawn interest from notable hedge funds and major trading platforms. The memecoin market, with a capitalization of approximately $54.7 billion, has played a catalytic role in this upward trend.
Competition and Market Dynamics
Base Network currently processes around 3.5 million daily transactions, a remarkable increase compared to Arbitrum’s 2 million daily transactions. The rise of Solana-based Dogwifhat (WIF) and its adoption by major platforms like Robinhood and Binance has further fueled this trend. Trading at $2.12, WIF experienced a 10.15% rise in the last 24 hours, highlighting its growing influence.
Shiba Inu’s Unprecedented Burn Rate
Meanwhile, Shiba Inu (SHIB) has been on a positive trajectory. The token saw a 2% price increase recently, contributing to a broader cryptocurrency market recovery. Notably, SHIB’s burn rate has skyrocketed by 1,100%, leading to the destruction of approximately 19.76 million SHIB in just 24 hours. This aggressive burn strategy aims to reduce the supply and bolster market sentiment, with over 410.72 trillion SHIB burned to date, leaving a circulating supply of 583.33 million.
April Statistics: A Turning Point
The Base Network’s ascendancy began in April when it processed 45.21 million transactions over 30 days, surpassing Arbitrum’s 38.58 million and Ethereum’s 37.93 million transactions. This milestone was particularly notable as it marked the start of Base Network’s consistent outperformance. During this period, Base also saw its Total Value Locked (TVL) rise to $3.89 billion, reflecting a growth of 19.96% in transaction volume.
Conclusion
Base Network’s rapid growth highlights a pivotal shift in the Ethereum Layer 2 landscape, driven predominantly by the memecoin explosion. As the network continues to surpass its competitors in transaction counts and user adoption, it sets a new benchmark for L2 solutions. The evolving dynamics of the market, coupled with strategic token burns and major listings, indicate a promising future for Base Network and other emerging blockchain technologies. Observers and investors alike should keenly watch these developments for future opportunities and trends.
