Coinbase’s Base Network Achieves 11.4 Million Transactions in One Year
Coinbase's Ethereum Layer-2 network, Base, has confirmed it will not launch its own token. Instead, Base focuses on supporting developers and addressing practical challenges in the blockchain space.
Jesse Pollak, Base's lead developer, stated that the network aims to create tools for developers and enhance decentralized application (dApp) innovation. He emphasized Base’s commitment to being open-source and adhering to open standards, ensuring accessibility and creativity. "There are no plans for a Base network token. We are focused on building and solving real problems," he said.
This announcement follows significant milestones for Base. On November 28, analytics platform Nansen reported 11.4 million transactions processed, up from 263,000 the previous year. The network achieved a record-breaking 132.50 daily transactions per second (TPS) on November 26, surpassing its earlier high of 106.86 TPS, according to L2beat.
Base’s ecosystem contributes to its success. Notable gaming and decentralized finance (DeFi) applications like Uniswap and Aerodrome have thrived on the network. Viral trends such as Clanker and Virtuals Protocol memes have also driven user engagement. These factors helped Base secure the second-highest Total Value Locked (TVL) among Ethereum Layer-2 solutions at $12.54 billion, following Arbitrum.
The network's performance is supported by Coinbase, valued at $73 billion. With Coinbase’s resources and user base, Base offers enhanced scalability and simplified interactions for dApp users, positioning itself as a leading competitor in the Ethereum Layer-2 market, outpacing networks like Optimism.
By prioritizing innovation without relying on token incentives, Base aims to address real-world issues and continue its growth. Its success highlights the potential of blockchain networks to thrive by emphasizing developer support and practical applications. Base’s commitment to open standards and community-driven innovation solidifies its leadership in the sector.