Base's Transaction Triumph: A Closer Look

Coinbase's layer-2 network, Base, celebrated a significant milestone in its journey, marking a remarkable surge in daily transaction volumes and shattering its previous record, which was established during its exciting debut in August, according to the comprehensive data from the blockchain explorer, BaseScan.

Chart displaying daily transaction activity on Base's layer-2 network, sourced from BaseScan  

In a spectacular display of its growing prowess, on the auspicious date of September 14, this layer-2 blockchain witnessed an impressive tally of 1.88 million transactions, a leap beyond its earlier peak of 1.41 million transactions noted on the momentous day of August 21—the very month that heralded the network's inception. A noteworthy observation is that Base's performance in transaction throughput outpaced competing chains such as Optimism and Arbitrum, whose combined daily transaction count stood at a noteworthy 878,000.

However, amidst these triumphs, Base's layer-2 network finds itself trailing the more illustrious blockchains like Polygon and BNB Smart Chain (BSC). On this particular date, Polygon showcased a formidable display of strength with a staggering 2.1 million transactions, while BSC stood tall with a remarkable 3.1 million transactions.

Interestingly, unlike the previous milestone achieved on August 21, where the blockchain ecosystem also celebrated a significant surge in daily active users, reaching an impressive count of 136,000 users, alongside the high transaction volumes, the layer-2 network experienced a slight dip in user engagement this time around. To be specific, Base saw approximately 86,000 daily active users on the eventful day of September 14, as meticulously recorded and analyzed by Dune Analytics.

The count of users actively engaging with Base's layer-2 network on a daily basis. Source: Dune Analytics  

It's worth noting that Base embarked on its official journey into the crypto realm on August 9, inviting users to partake in activities ranging from bridging and swapping tokens to providing liquidity, minting nonfungible tokens (NFTs), and engaging in an array of other exciting pursuits characteristic of layer-2 networks.

Since this promising launch, the crypto community has showered Base's network with a warm and enthusiastic reception. A standout moment was witnessed on September 6, when a staggering number of over 700,000 NFTs were minted, all thanks to the involvement of more than 268,000 distinct wallets on the vibrant layer-2 network. Notably, during the initial fortnight following its launch, the blockchain facilitated the bridging of an impressive portfolio of crypto assets, amounting to a substantial value of over $242 million, with a commendable count of 130,000 unique wallets engaging with the network on a daily basis.