Base, a leading layer 2 network built by Coinbase, has been making waves in the Ethereum layer 2 ecosystem. The network has continued to record notable milestones in its daily activities.
Earlier this year, Base witnessed an explosive boom in transaction volume due to reduced gas fees caused by the March Dencun upgrade. The network grew from recording about 500 transactions daily to over 2 million transactions within a month.
While it later slowed in performance, Base may be gearing up for another boom as the layer 2 network is beginning to note a resurgence in recent daily and weekly transactions.
Base Recovers Previous High in Daily Transactions
According to data provided by Dune, Base saw its daily transactions surge to 4431715 on August 30, a slight decrease from the highest transaction volume of 4432006 it achieved a month ago.
This surge in Base’s daily transactions was also accompanied by a notable surge in weekly transactions, which surged above 25 million in the past few weeks.
Furthermore, Base has recently been hosting a record number of active users. On August 24, the network saw up to 1050342 active addresses interact with the network, the highest number of daily active addresses it has ever achieved since the launch of the layer 2 network.
Base Remains the 6th Largest Network by TVL.
Despite the resurgence in Base’s daily activities and user counts, the network has recently recorded notable downtrends in its total value locked (TVL) per day. However, the total value of assets locked on the platform has retraced slightly to a previous high of about $1.5 billion as of August 31.
Base’s total revenue also crossed the $70 million milestone on August 29. The network has continued to attract new users because it has proven efficient and cost-effective in executing transactions.
