On July 23, 2024, Base experienced an unprecedented surge in activity, cementing its position as a leader in the Layer 2 (L2) ecosystem.
The network surpassed a remarkable milestone of over 1 million active addresses, significantly outpacing its competitors Arbitrum and Optimism, which recorded 557,273 and 358,791 active addresses respectively.
Base also led in transaction volume among L2 solutions, processing $1.43 billion worth of transactions. This is slightly ahead of Arbitrum, which handled $1.34 billion, and far beyond Optimism’s $128 million. The high transaction volume on Base highlights its growing dominance and appeal to users and developers alike.
In terms of the number of transactions, Base again set the pace with nearly 4 million transactions on July 23. This figure dwarfs Arbitrum’s 2.1 million transactions and Optimism’s 520,168 transactions, underscoring the robust activity and user engagement on the Base network.
Let's explore the Ethereum L2 ecosystem and discover the significant role of Base, powered by our latest feature, AI-Insights🧵
Experience these insights firsthand here: https://t.co/7K38CErPdv pic.twitter.com/Dzfro2luOj
— IntoTheBlock (@intotheblock) July 24, 2024
Base Attracted Massive Inflows From Bug Holders, Recording Net Inflow Of 10,062 ETH
Moreover, Base attracted substantial inflows from large holders. On July 23, it saw a net inflow of 10,062.93 ETH, showcasing the confidence major investors have in the platform. In comparison, Arbitrum recorded an inflow of 6,949 ETH, while Optimism experienced a net outflow of 232.95 ETH, indicating a shift in large holder sentiment towards Base.
These metrics collectively underscore Base’s accelerating momentum and its emerging leadership position within the L2 ecosystem. The significant user adoption, transaction volume, and large holder confidence reflect Base’s potential to drive innovation and efficiency in the blockchain space.
As Base continues to expand its footprint, it is poised to play a crucial role in the future of decentralized applications and blockchain scalability.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: andranik2018 / 123RF // Image Effects by Colorcinch
