- Activity on Coinbase’s Base is soaring.
- The network is rivaling leading Ethereum Layer-2 solutions in just two days of its launch.
- The growing activity comes amid Coinbase’s Onchain Summer event.
Coinbase has sparked significant excitement with the launch of Base, its Ethereum Layer-2 protocol built on Optimism’s OP stack.
Launching on Wednesday, August 9, with over 100 decentralized applications, Base is witnessing significant activity rivaling other leading Ethereum Layer-2 networks.
Activity On Base Soars
The number of daily active users on Base has surpassed 100,000 in just its second day after launching.
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According to data from TK Research’s Dune Analytics dashboard, the number of daily active users on the Coinbase incubated network surpassed 136,000 on Thursday, August 10, higher than Optimism’s 114,700 users per data from Token Terminal.
Source: Dune
Similarly, the number of transactions per second (TPS) on Base surged to 8.76, ahead of Arbutrum One and Optimism and behind only Ethereum and zkSync Era, according to data from L2Beat.
The recent surge in activity comes amid Coinbase’s Onchain Summer event featuring multiple daily NFT mints and campaigns to promote partner projects and sustain hype around the protocol.
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At the time of writing, the total value locked (TVL) on Base sits at $173 million, gaining over $20 million since its launch, per data from L2Beat.
On the Flipside
- Most of Base’s TVL came from memecoin speculation weeks before its public launch.
Why This Matters
The rise in activity on Base in such a short time after launch underscores the excitement surrounding the project developed by Coinbase.
Read this to learn more about Base’s launch:
Coinbase’s Layer-2 Base Kick-Offs’ Onchain Summer’ with Public Release
Find out why Bitget’s Gracy Chen is calling for the establishment of industry standards:
Bitget’s Gracy Chen Calls for Exchange Standards Amid Transparency Push
