Coinbase-incubated Ethereum Layer 2 network, Base, has momentarily overtaken prominent Optimistic Rollup solutions Arbitrum and Optimism, recording a higher average number of daily transactions this week.
A Surge in Transactions and Users
As of August 15, Base’s seven-day moving average daily transaction count soared to 610,000, compared to 597,000 for Optimism and 576,000 for Arbitrum, according to data from The Block. This marked success for Base, which witnessed its daily active users spike to over 100,000 following its public mainnet launch, a surge significantly propelled by the social network friend.tech.
Initial Hype Reflects in Metrics
In the initial six days post-launch, Base led in terms of new daily unique addresses and profits generated. However, these metrics have started to retreat as the initial excitement surrounding this Layer 2 network begins to wane. For instance, data as of August 17 shows 24,000 new addresses generated for Base, lagging behind Optimism’s 32,000 and Arbitrum’s 29,000.
Revenue and Value Locked Comparison
While Base was generating daily revenue of $93,000, it trailed behind Arbitrum’s impressive $358,000 and Optimism’s $231,000, as per the same date. Furthermore, in the value locked category, Arbitrum and Optimism are maintaining a strong lead, boasting $4.2 billion and $1.4 billion in assets, respectively, compared to Base’s $244 million.
Base’s Public Debut and Onchain Summer Initiative
Launched officially on August 9, Base opened with a flourish, featuring over 100 decentralized applications (dapps) and service providers. Notable DeFi protocols like Uniswap, SushiSwap, and Compound were among the first to commence operations on this network. Built on Optimism’s software stack, known as the OP Stack, Base aims to provide users with lower transaction fees and swifter transaction speeds in contrast to the Ethereum mainnet.
To coincide with its public mainnet launch, Base initiated its ‘Onchain Summer’ campaign. This included a variety of onchain art, gaming, and music projects intended to showcase the Layer 2 chain’s efficiency and cost-effectiveness.
For example, the ‘Masterpiece’ NFT collection from Coca-Cola, which marries iconic art pieces like Edvard Munch’s ‘The Scream’ with the classic Coca-Cola bottle design to create unique onchain collectibles, is a part of this multi-week event that concludes on August 30.
While Base has made significant strides in its early days, the endurance of this initial traction remains uncertain as the network moves forward.
