Base, a dedicated Ethereum Layer 2 network, has accomplished its goal of becoming the leader in its field. This year has seen the network expand significantly, reaching a notable milestone recently.

Growth and Milestones

Since March 2024, the daily transaction count of the Base network has been consistently rising. The Ethereum Layer 2 recently surpassed 6 million daily transactions, maintaining this average figure throughout the week – the highest level so far this year. This level of network adoption has had a significant impact on the network’s growth aspects. The primary result is that Base has ascended to the top of the Ethereum Layer 2 rankings. As per Coingecko, it recently overtook Arbitrum in terms of volume.

Base Outperforms Arbitrum

In the last 24 hours, Base recorded over $938 million in daily volume. In comparison, Arbitrum, which slipped to the second spot, had less than half that amount at $462.7 million. Base also surpassed Arbitrum in terms of TVL, with Base at $2.47 million and Arbitrum at $2.41 million. The TVL figure reached a new historic high in the last 24 hours, indicating strong investor confidence. The network has also maintained good levels of liquidity, as evidenced by its impressive stablecoin market cap growth.

Factors Behind Base's Success

Base’s achievements can be attributed to a combination of factors, including a robust community and a more appealing ecosystem for developers. The most significant factors contributing to its attractiveness have been efficiency and low fees. Interestingly, Base has achieved this without a native token, which could potentially be skyrocketing due to organic demand.

These record highs in the Base ecosystem have been crucial to its dominance in the Ethereum ecosystem. Despite the absence of a native token, the network has shown impressive results and continues to attract attention from investors and developers.