Coinbase’s Layer-2 Solution Outshines Competitors
Coinbase recently introduced a layer-2 scaling solution for Ethereum (ETH), which temporarily exceeded the transaction volumes of both Optimism (OP) and Arbitrum (ARB) this week.
Based on data furnished by the individual block explorers of each scaling solution, on August 13th, Coinbase’s solution processed 617,330 transactions, outpacing Optimism’s 438,559 and Arbitrum’s 544,575 transactions on the same day.
Subsequently, both Optimism and Arbitrum regained higher daily transaction figures compared to Coinbase’s solution.
Notably, Coinbase’s layer-2 platform achieved its peak daily transaction count of 757,294 on August 10th, a few days prior.
Launched earlier this month, the new layer-2 project is operated with the support of Optimism. Coinbase’s vision for this initiative is to facilitate the integration of more than a billion individuals into the cryptocurrency ecosystem.
It is important to highlight that Coinbase does not intend to introduce a network token associated with this layer-2 solution. The project is designed to maintain compatibility with Ethereum, Ethereum layer-2s, and other layer-1 blockchains.
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At the time of writing, Optimism’s native token (OP) is trading at $1.38. This cryptocurrency, ranked 42nd by market capitalization, has experienced a decline of nearly 1.5% within the past 24 hours and over 13% in the last week.
Conversely, Arbitrum’s native token (ARB) is currently valued around $0.987. Ranked 39th by market cap, ARB has encountered a drop of nearly 5.75% over the past day and nearly 18% in the last week.
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.
