1,600% Growth in Daily TX Defines Ethereum Layer 2’s Breakout Year

Base, the Coinbase-incubated Ethereum Layer 2, has skilled large development because it launched its mainnet on August 9, 2023.

In accordance with Delphi Digital’s newest report shared with CryptoPotato, in 2024 alone, each day transactions on Base have soared by 1,600%, climbing from 372,000 at first of January to over 6.63 million in October. This makes Base a standout performer throughout a number of key metrics, together with whole worth locked (TVL), energetic customers, and transaction exercise, the place it has grown quicker than the general on-chain financial system.

Surge in Base’s Adoption

Base’s TVL rose from $439 million in January 2024 to $2.51 billion by October, reflecting a 470% improve. Its share of the worldwide on-chain TVL additionally expanded considerably, from 1.07% to three.59%.

Whereas Base’s on-chain exercise has been fueled by an increase in energetic addresses and stablecoin utilization, its comparatively modest TVL in comparison with bigger networks highlighted its distinctive give attention to non-monetary functions. The community’s utilization enhance is notably linked to the recognition of Aerodrome, which presently accounts for greater than 40% of the community’s whole TVL.

Base’s development in energetic addresses has been extraordinary, with weekly energetic addresses rising from 300,000 in January to six.61 million on the finish of October, a surge of two,100%.

This improve has considerably boosted Base’s share of all on-chain weekly energetic addresses, leaping from 1.6% to 11%. The figures for the variety of new each day energetic addresses on Base surged by 5,300%, rising from 8,320 in January to 450,000 by October. This has resulted within the Layer 2 community’s market share of recent each day energetic addresses rising from 1.2% to six.5%.

From January to October, Base’s each day transactions have skyrocketed from 2.1 million to 42.34 million, a rise of greater than 1,900%. This development has expanded Base’s market share in each day transaction quantity from 0.67% to 9%. Delphi Digital mentioned that the uptick not solely indicators Base’s growing adoption and affordability but additionally depicts its capability to thrive alongside the success of different networks, reminiscent of these within the Superchain framework.

Base’s Stablecoin Adoption

Base has additionally seen a speedy acceleration in stablecoin adoption. As of November 11, its cumulative weekly stablecoin quantity had grown from $620 million in January to $55 billion, representing a staggering over 8,800% improve. This development has propelled the Layer 2 community’s stablecoin market share from 0.7% firstly of the yr to 18% by November.

“This improve in Base stablecoin quantity is consultant of Base’s efforts to extend community capability whereas driving down prices. Consequently, Base is properly positioned to course of mass funds between customers and retailers using stablecoins as a common medium of alternate.”