Base tops Arbitrum, Ethereum as it leads with 48M transactions

• Base outperformed Ethereum and Arbitrum in terms of activity over the past few days.
• Interest in ETH and ARB remained high however prices remained stable.

Coinbase’s Layer-2 scaling solution, Base, surpassed Arbitrum [ARB] and Ethereum [ETH] in terms of daily transactions and activity.

The L2 sector gets competitive

According to L2Beat data, a close race emerged for dominance among the L2s. Base led the pack with a significant 47.78 million transactions processed in the last 30 days, followed closely by Arbitrum One at 39.26 million.

Even Ethereum itself processed a substantial 37.90 million transactions, highlighting the overall network activity.

When it comes to processing speed, Base emerged as a clear leader. It achieved a daily Transactions Per Second (TPS) of 35.19, reflecting a remarkable 36.12% increase. This placed it well ahead of Arbitrum with 17.80 TPS and Ethereum with 14.38  TPS.

Source: L2Beat

In terms of Total Value Locked (TVL), Coinbase’s Base made significant strides. Despite facing network congestion concerns earlier, it managed to secure a TVL of $1.3 billion.

This was coupled with an impressive 29.71 increase in transaction volume over the past week. The surge placed Base ahead of Arbitrum One, which currently sat at $3.2 billion TVL after experiencing a 1.61% transaction decline.

Ethereum remained the TVL leader at $51.6 billion, but it dipped slightly (3.07%) in the last week.

Source: Artemis

These trends suggested a potential shift in the L2 landscape. New entrants like Base have outperformed networks such as Arbitrum.

Ethereum stands to benefit

Even though Ethereum itself might be losing some ground in terms of raw transaction volume, it remains the foundation upon which these L2s operate.

As L2 adoption flourishes, the overall Ethereum ecosystem strengthens, leading to a more robust and valuable network in the long run.

Despite these factors, both ARB and ETH witnessed a correction in price over the last few days.  Even though the price of the tokens fell, the number of addresses holding both the tokens had grown.

This suggested that the bullish sentiment around these tokens persisted, however, it wasn’t significant enough to impact price movement.

Read Ethereum’s [ETH] Price Prediction 2024-25

At press time, ETH was trading at $3,386.65. In the past 24 hours, ETH grew by 1.48% in the last 24 hours.

ARB, on the other hand, was trading at $1.49 and its price had grown by 0.99% in the last 24 hours.

Source: Santiment