Ethereum’s Layer 2 (L2) ecosystem is experiencing explosive growth, with Base and Arbitrum One emerging as the top contenders, boasting over 1.5 million active addresses combined.
Base, in particular, has seen a remarkable rise in 2024, with active addresses skyrocketing from near zero to 1 million in just nine months.
Ethereum's L2 ecosystem is booming…
Base and Arbitrum One lead the pack with over 1.5M active addresses combined.
Base's meteoric rise in 2024 is evident, with active addresses surging from near zero to 1 million in just 9 months. pic.twitter.com/XDmPSZFkz3
— exponential.fi (@ExponentialDeFi) September 10, 2024
Base’s success is underscored by its impressive daily transaction volume. With more than 4.2 million daily transactions, Base has set a new all-time high, surpassing both Ethereum and other Layer 2 solutions in terms of activity.
Monthly active users on @base have reached an all-time high, while daily average transaction fees have hit an all-time low.
This is how we bring the world onchain! pic.twitter.com/FB32Zaj8YJ
— poet.base.eth (@1CrypticPoet) September 9, 2024
This surge in activity has pushed monthly active users on Base to record levels, while daily average transaction fees have plummeted to their lowest point ever, making the platform more accessible and cost-effective for users.
With over 4.2M daily transactions, @Base has achieved a new ATH, outperforming Ethereum and leading Layer 2 solutions pic.twitter.com/IWxSX5My5T
— Coin98 Analytics (@Coin98Analytics) September 9, 2024
Aerodrome, Major Contributor To Base Volume
A significant portion of Base’s volume can be attributed to Aerodrome, which has captured the majority of trading activity on the network. Aerodrome accounts for 58.2% of Base’s total volume (including Classic Liquidity and v2 volumes), and an impressive 86% of Classic Liquidity volume.
Yesterday @base secured $488m volume, the highest of any L2.
Aerodrome captured the majority of @base volume:
• 58.2% of total volume (CL + v2 vol.)
• 86% of the CL volumeAerodrome is the engine of @base with all swap fees flowing back to veAERO voters.
Source: @coingecko pic.twitter.com/IyLUgf44OT
— Aerodrome (@AerodromeFi) September 10, 2024
Moreover, Base has outpaced all other Layer 2 networks in terms of decentralized exchange (DEX) activity. It now boasts more weekly DEX traders than all other L2 solutions combined, solidifying its position as the go-to platform for decentralized trading.
Base now has more weekly DEX traders than all other L2s combined.
What's crazy is that Base went live only 1 year ago. pic.twitter.com/sLXk5BvxQQ
— The DeFi Investor 🔎 (@TheDeFinvestor) September 10, 2024
As Ethereum’s L2 ecosystem continues to flourish, Base’s rapid growth and dominance in transaction volume and user activity make it a key player in the future of scalable blockchain solutions. With continued innovation and expansion, Base is well-positioned to lead the next phase of Ethereum’s Layer 2 revolution.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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