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Crypto News

Base Network Records Nearly 2M Daily Transactions, Yet Lags Behind Polygon and BSC

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Category

Crypto News

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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The Coinbase-affiliated layer-2 blockchain, Base Network, recently achieved a record daily transaction count, overtaking its previous peak set during its debut month in August, as per the data sourced from BaseScan, a blockchain explorer.

On September 14, Base Network registered a whopping 1.88 million transactions, breaking its prior record of 1.41 million transactions set on August 21, the same month it was unveiled. Impressively, Base outperformed other layer-2 competitors, such as Optimism and Arbitrum, which collectively recorded 878,000 transactions on that day.

However, in the grand scheme of things, Base Network is yet to catch up with major blockchains like Polygon and BNB Smart Chain (BSC). For context, Polygon processed 2.1 million transactions, while BSC topped the charts with 3.1 million transactions on September 14.

Interestingly, Base’s latest record-breaking day in terms of transactions didn’t mirror its August 21 performance concerning daily active users. On September 14, Base saw about 86,000 daily active users, a significant drop from the 136,000 active users it boasted on August 21, as indicated by Dune Analytics’ data.

Base Network made its official entry into the crypto space on August 9, offering an array of features typical of layer-2 solutions. Users can seamlessly bridge tokens, swap them, provide liquidity, and create nonfungible tokens (NFTs), among other activities.

Since its inception, Base has garnered significant attention from the crypto fraternity. A testament to its growing popularity was evident on September 6, when over 700,000 NFTs were created using the network by more than 268,000 distinct wallets. Furthermore, within its initial fortnight, crypto assets worth over $242 million were bridged onto the Base blockchain, engaging around 130,000 unique wallets daily.