Base outpaces Optimism and Arbitrum amid Coinbase’s Smart Wallet debut

Coinbase-backed Ethereum layer-2 network, Base, is experiencing accelerated growth, reflecting the important adoption and attraction it enjoys from the crypto community.

Base’s maturation comes amid the speech motorboat of its Smart Wallet, a self-custodial solution aimed astatine bringing much than 1 cardinal users on-chain.

Increased web activity

Base recorded the highest regular transactions among Ethereum layer-2 networks successful the past day, surpassing notable rivals similar Arbitrum and Optimism.

According to data from blockchain analytics level GrowThePie, Base’s transaction number accrued 7.1% to 2.7 cardinal connected June 4, compared to Arbitrum’s 1.89 million.

Chart showing Ethereum layer-2 networks regular transaction count. (Source: Growthepie)

L2Beat data further confirms this important activity. The level shows that Base processes an mean of 31.37 transactions per 2nd (TPS), portion Arbitrum handles astir 22 TPS.

This surge successful web enactment has led to important maturation successful the full worth of assets locked (TVL) connected the layer-2 network. L2BEAT reports that Base’s TVL has accrued by 8.68% to $7.64 billion, intimately approaching Optimism’s TVL of $7.76 billion. Currently, Optimism and Base power 16.42% and 16.17% of the L2 market, respectively, portion Arbitrum holds a 40% share.

Ethereum layer-2 on-chain profits. (Source: Dune Analytics)

Additionally, a Dune Analytics dashboard curated by on-chain expert Kofi indicates that Base is the highest-earning layer-2 web implicit the past 3 months. According to the dashboard, Base earned $16.88 cardinal successful March, $12.90 cardinal successful April, and $6.98 cardinal successful May.

Market experts said web enactment connected Base surged pursuing the implementation of the Dencun Upgrade successful March. This update introduced proto-danksharding, which importantly reduced state fees for layer-2 solutions similar Base. At the time, CryptoSlate reported that Base saw heightened bot trading activities that pushed its transaction fees to precocious levels compared to rivals.

Smart wallet

Coinbase has introduced its highly anticipated Smart Wallet merchandise to the market, saying it would code the large challenges that person made going on-chain “slow, expensive, and hard.”

According to the firm:

“Smart Wallets allows users to make a free, secure, self-custody wallet successful conscionable a fewer seconds. They simplify onboarding, trim the fig of transactions to beryllium signed, and seamlessly fto you usage your Coinbase balances onchain.”

The self-custodial wallet would initially enactment 8 networks, including Base, Ethereum, Optimism, Arbitrum, Polygon, Avalanche, BNB, and Zora.

The station Base outpaces Optimism and Arbitrum amid Coinbase’s Smart Wallet debut appeared archetypal connected CryptoSlate.