Layer-2 Ecosystem Transactions Hit All-Time High, Coinbase's Base Network Accounts for a Chunk of the Activity

The number of daily transactions across the Ethereum layer-2 scaling ecosystem reached an all-time high, with Coinbase's Base network accounting for a chunk of the activity.

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Coinbase’s Base layer-2 network processed over 12 million transactions in a single day, marking an all-time high for the Ethereum scaling ecosystem.

According to Growthepie data, daily transactions on layer-2 networks reached 12.42 million on Aug. 12. Of these transactions, Base processed more than 3.6 million, easily outpacing other layer-2 solutions. Arbitrum One processed 1.39 million transactions on the same day.

This activity also contributed to Base being one of the most active blockchains over the past month. L2Beat data shows that Base processed over 111 million transactions in the past 30 days. This placed it second in terms of total transactions, with Xai leading the pack with close to 300 million transactions during the same period.

Base also ranks second in terms of Total Value Locked (TVL) among layer-2 networks. L2Beat data indicates that there is approximately $6.35 billion locked up in decentralized finance (DeFi) protocols on the Base network. Notably, Base’s TVL increased by 3% in the last 24 hours. Arbitrum One has the highest TVL at over $15 billion, following a 6% increase in its TVL.

Base Meme Coins See Mixed Price Action, New Tokens Emerge

The market cap for Base meme coins is currently over $1.2 million. This comes after the sector saw a minor drop in valuation over the past 24 hours.

The largest Base meme coins by market cap, Brett (BRETT) and Toshi (TOSHI), both saw gains in the past 24 hours, at 3% and 4%, respectively. Meanwhile, smaller tokens like Base Chad (CHAD) and MOEW (MOEW) saw gains of over 25% and more than 20%, respectively.

Given the interest in Base meme coins and the flourishing activity on the Base network, Base Dawgz (DAWGZ) is set to benefit from its presale. The meme coin has already raised over $2.9 million. Notably, Base Dawgz aims to achieve a multi-chain presence that enables investors to seamlessly transact on some of the most liquid and active networks in the Web3 space.

In other news, a new meme coin called Brett Inu (BINU) was launched on Aug. 11. This token is distinct from Brett, which launched on Base in April and is now the second-largest Base meme coin by market cap.