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

Base, the Ethereum Layer 2 incubated by Coinbase, has seen tremendous growth since launching its mainnet on August 9, 2023.

According to the latest Delphi Digital report shared with CryptoPotato, in 2024 alone, daily transactions on Base have skyrocketed by 1,600%, from 372,000 in early January to over 6.63 million in October. This makes Base a prominent player in several key metrics such as total value locked (TVL), active users and transaction activity, where it has grown faster than the overall chain economy.

Increased grassroots adoption

Core TVL rose from $439 million in January 2024 to $2.51 billion in October, reflecting an increase of 470%. Its overall chain TVL share also expanded significantly, from 1.07% to 3.59%.

While activity on the Base chain has been driven by an increase in active addresses and the use of stablecoins, its relatively modest TVL compared to larger networks highlighted its unique focus on non-monetary applications. The increase in the use of the network is particularly linked to the popularity of Aerodrom, which currently represents more than 40% of the total TVL of the network.

Base’s growth in active addresses has been extraordinary, with weekly active addresses rising from 300,000 in January to 6.61 million at the end of October, an increase of 2,100%.

This increase has significantly increased the Base share of all weekly active addresses in the chain, from 1.6% to 11%. The figures for the number of new daily active addresses in Base increased by 5,300%, from 8,320 in January to 450,000 in October. This has seen the market share of new daily active addresses on the Layer 2 network grow from 1.2% to 6.5%.

From January to October, daily Base transactions have soared from 2.1 million to 42.34 million, an increase of more than 1,900%. This growth has expanded Base’s market share in daily transaction volume from 0.67% to 9%. Delphi Digital said the increase not only indicates the growing adoption and affordability of Base, but also shows its ability to thrive alongside the success of other networks, such as those in the Superchain framework.

Base Stablecoin Adoption

Base has also seen a rapid acceleration in the adoption of stablecoins. As of November 11, its cumulative weekly stablecoin volume had grown from $620 million in January to $55 billion, representing a staggering increase of over 8,800%. This growth has boosted the Layer 2 network’s stablecoin market share from 0.7% at the start of the year to 18% in November.

“This increase in Base stablecoin volume is representative of Base’s efforts to increase network capacity while reducing costs. As a result, Base is well positioned to process massive payments between consumers and merchants using stablecoins such as through universal exchange.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!