NEW YORK, Sunday, September 22, 2024 – Coinbase’s Base Layer 2 solution has set a new record on Saturday September 14 with over 4.5 million transactions processed in a single day, reports said.
The milestone shows Base’s growing popularity and the robust ecosystem it has cultivated.
The rapid adoption positions Base far ahead of other Layer 2 solutions, validating Coinbase’s strategic investment in the scaling sector.
Coinbase’s recent launch of cbBTC, a wrapped Bitcoin alternative, on both Ethereum and Base networks, has further fueled activity on the Layer 2, analysts said.
As an ERC-20 token backed 1:1 by Bitcoin held at Coinbase, cbBTC offers Bitcoin holders new opportunities to participate in DeFi applications across Ethereum and Base ecosystems, a report said.
Beyond new product launches, several factors contribute to Base’s success.
Coinbase’s Base Layer 2 record with over 4.5 million transactions processed in a single day is seen as Base’s growing popularity and robust ecosystem.
Factors contributing to Base’s success include Coinbase’s massive user base, enhanced security and reliability, and a thriving ecosystem of decentralized applications.
As Base continues to evolve, the introduction of cbBTC and other innovations could further fuel its growth.
Analysts say that the platform’s consistent ability to break transaction records suggests that Coinbase’s bet on Layer 2 scaling is paying off, potentially reshaping the landscape of Ethereum scaling solutions.
