The post Coinbase Base Achieves 1 Billion Transactions Amid Art Scandal appeared on BitcoinEthereumNews.com.

Coinbase’s Ethereum Layer-2 network, Base, found itself at the center of controversy during the celebration of its 1 billionth transaction. The celebration included the release of an NFT, which inadvertently copied the work of digital artist Chris Biron. Base Hits 1 Billion Transaction On November 15, Coinbase-backed Base proudly announced that it had completed 1 billion transactions since its launch in August 2023. This milestone was achieved in just over a year, a remarkable feat compared to established networks like Bitcoin, which took more than 15 years to reach similar numbers. Base’s rapid rise is no surprise. The network has quickly become the fastest-growing Ethereum layer-2 solution, surpassing competitors like Optimism and Arbitrum. A recent report by CoinGecko ranked Base as the second most popular blockchain in 2024, with the network now capturing nine times more interest than its closest Layer-2 competitor, Arbitrum. “Base ecosystem has seen its share of investor interest increase by over 5 times since Q1, raising the layer 2 ecosystem’s ranking from seventh to second, and overtaking its layer 1 Ethereum ecosystem. This also means that the Base ecosystem now captures 9 times more interest than the next most popular layer 2 ecosystem Arbitrum,” Coingecko stated. Base’s Total Value Locked. Source: L2Beat Market observers have attributed the network’s rapid growth to the robust support and resources provided by Coinbase, the $76 billion crypto exchange that operates Base. Moreover, Coinbase brand power as the largest cryptocurrency exchange in the US has also undoubtedly contributed to Base success. NFT Controversy and Apology To commemorate the 1 billion transaction achievement, Base minted an NFT. However, the artwork bore a striking resemblance to a creation by digital artist Chris Biron, who accused the network of copying his work without credit. Biron claimed that Base had already earned over $36,000 in…

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Filed under: News - @ November 18, 2024 12:22 am