Since Base’s official debut last month, the layer-2 blockchain has generated significant buzz. According to the latest data compiled by IntoTheBlock, the Coinbase-incubated network is seeing increased retail adoption as well as smart contract interactions.

The seven-day average of daily transactions has been on a rapid surge. The average, on the other hand, currently stands over 702k, while the daily figure has already reached 1.88 million.

ITB’s analysis further revealed that the decreasing average transaction size indicates an increasing retail adoption and smart contract interactions.

Dive into the Base Network with our latest infographic! We explore several key on-chain metrics such as transaction data and active addresses.
Here are some key insights:

– The 7-day average of daily transactions is rising quickly. While the average is currently at 702k, the… pic.twitter.com/V2QRSAGNL9

— IntoTheBlock (@intotheblock) September 15, 2023

Moreover, the 30-day average active addresses ratio sits at 64.50%. The figure is noteworthy, especially when compared to other layer-2 solutions like Arbitrum (approximately 2%) and Optimism (approximately 4.5%).
The introduction of the decentralized social media platform Friend.tech has a major role to play in the increased traction. The platform attracted new users and even numerous influential celebrities in a very short period.
Friend.tech recently recorded over $18.51 million in trading volume, further boosting network activity on the Base blockchain.
The launch of the decentralized exchange Aerodome on Base served as yet another catalyst that managed to push the layer-2’s TVL north of $400 million.
However, the subsequent network outage on September 5th – which lasted over an hour and marked the first such occurrence since its public launch – adversely affected the TVL figures, which fell from $411 million to $383 million, declining by 7% the following day.
DeFiLlama data suggest that the TVL has continued to extend further losses, falling to $377 million at the time of writing.

The post Retail Rush: Coinbase’s Layer 2 Hits 1.88M Daily Transaction Record appeared first on CryptoPotato.

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Filed under: Bitcoin - @ September 15, 2023 4:15 pm