Since Base’s official debut last month, the layer-2 blockchain has generated significant buzz. According to the latest data compiled by IntoTheBlock, the Coinbase-incubated network is seeing increased retail adoption as well as smart contract interactions.
The seven-day average of daily transactions has been on a rapid surge. The average, on the other hand, currently stands over 702k, while the daily figure has already reached 1.88 million.
- ITB’s analysis further revealed that the decreasing average transaction size indicates an increasing retail adoption and smart contract interactions.
🔍 Dive into the Base Network with our latest infographic! We explore several key on-chain metrics such as transaction data and active addresses.
Here are some key insights:
– The 7-day average of daily transactions is rising quickly. While the average is currently at 702k, the… pic.twitter.com/V2QRSAGNL9
— IntoTheBlock (@intotheblock) September 15, 2023
- Moreover, the 30-day average active addresses ratio sits at 64.50%. The figure is noteworthy, especially when compared to other layer-2 solutions like Arbitrum (approximately 2%) and Optimism (approximately 4.5%).
- The introduction of the decentralized social media platform Friend.tech has a major role to play in the increased traction. The platform attracted new users and even numerous influential celebrities in a very short period.
- Friend.tech recently recorded over $18.51 million in trading volume, further boosting network activity on the Base blockchain.
- The launch of the decentralized exchange Aerodome on Base served as yet another catalyst that managed to push the layer-2’s TVL north of $400 million.
- However, the subsequent network outage on September 5th – which lasted over an hour and marked the first such occurrence since its public launch – adversely affected the TVL figures, which fell from $411 million to $383 million, declining by 7% the following day.
- DeFiLlama data suggest that the TVL has continued to extend further losses, falling to $377 million at the time of writing.