Base Set to Surpass Competitors as Leading Layer-2 Blockchain
Market analysis platform IntoTheBlock has predicted that Coinbase’s Ethereum scaling solution, Base, is set to become the largest layer-2 (L2) blockchain by the year’s end.
The platform’s performance indicators demonstrate significant growth throughout 2024.
One key metric, total value locked (TVL), which reflects the total assets secured on a platform, shows that Base is rapidly closing in on Arbitrum’s position.
Since its launch just over a year ago, Base has attracted around $700 million in TVL during September alone. If this growth trend continues, it is likely to surpass Arbitrum in the coming months.
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Furthermore, IntoTheBlock emphasizes that Base is not only excelling in TVL but is also outperforming other popular L2 solutions like Optimism and Arbitrum in several important areas.
Base’s transaction volume has surged recently, capturing between 40% to 60% of the total volume among the three major L2 blockchains. Since June, Base has strengthened its dominance in total transactions for Ethereum addresses and is the only L2 to see consistent growth in new user adoption.
The success of Base may signal a shift in the crypto industry, where companies increasingly develop their own blockchains to keep users engaged within their ecosystems. As modular blockchain solutions become more accessible, the creation of tailored infrastructures to meet specific user demands is likely to accelerate.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
