The post Base Outshines Arbitrum As Most Used Ethereum Layer 2 appeared on BitcoinEthereumNews.com.

Coinbase Layer 2 (L2) scaling protocol Base Network has outperformed some of its leading competitors like Arbitrum. Base Growth and Key Triggers According to on-chain analyst Leon Waidmann, Base has officially secured the position of “most used Ethereum L2.” For the longest time, Arbitrum held this position, but the Coinbase chain recently stripped it off the tag. Within the last 30 days, transactions processed on Base have surged by more than 60%. #BASE is officially the most used #Ethereum L2!🥇 The #Coinbase Chain has even surpassed the long-time leader of the #ETH L2 ecosystem, #Arbitrum! 🔎Recent transaction counts: 🔹Base: 3.5M daily txs (+60% in the last 30d)🔹Arbitrum: 2M daily txs (-22.3% in the last 30d) pic.twitter.com/x4p4N4hDBi — Leon Waidmann | Onchain Insights🔍 (@LeonWaidmann) June 29, 2024 Daily, the L2 records as much as 3.5 million transactions. On the other hand, Arbitrum saw only as much as 2 million daily transactions. Within the same period that Base saw more than a 60% surge in its daily transactions, with Arbitrum registering only about 22.3%. The sizable surge in Base’s position could be attributed to a number of factors including the ongoing memecoin frenzy. The prices of some of the top meme coins on Base grew to the point that they began to experience increased adoption. In light of these, some of the finest hedge funds started adopting them. The overall market capitalization for memecoins currently stands at around $54.7 billion. After rising to “stardom” in December 2023, Solana-based dogwifhat (WIF) began to garner the support of some of the highest ranking trading firms. Robinhood and Binance announced their support for the token via listing. At the time of this writing, WIF was trading at $2.12 after gaining 10.15% in the last 24 hours. Similarly, Shiba Inu (SHIB) has been exhibiting slight rise…

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Filed under: News - @ June 30, 2024 8:26 pm