- Base has outperformed Ethereum and Arbitrum in terms of activity in recent days.
- Interest in ETH and ARB remained high, but prices remained stable.
Coinbase’s Layer-2 scaling solution, Base, surpassed Arbitrum [ARB] and ether [ETH] in terms of daily transactions and activities.
The L2 sector is becoming competitive
According to L2Beat data, there was a tight race 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 with 39.26 million.
Even Ethereum itself processed a whopping 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 Transaction Per Second (TPS) of 35.19, reflecting a notable increase of 36.12%. 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 has made significant progress. Despite previous concerns about network congestion, the company managed to secure a TVL of $1.3 billion.
This was accompanied by an impressive increase in transaction volume of 29.71 in the past week. The increase put Base ahead of Arbitrum One, which currently sits at a TVL of $3.2 billion, after a transaction decline of 1.61%.
Ethereum remained the TVL leader with $51.6 billion, but fell slightly (3.07%) last week.
Source: Artemis
These trends suggested a possible shift in the L2 landscape. Newcomers like Base have outperformed networks like Arbitrum.
Ethereum benefits
Even though Ethereum itself is losing some ground in terms of raw transaction volume, it remains the foundation on which these L2s operate.
As L2 adoption flourishes, the overall Ethereum ecosystem becomes stronger, leading to a more robust and valuable network in the long run.
Despite these factors, both ARB and ETH witnessed a price correction in recent days. Although the price of the tokens dropped, the number of addresses holding both tokens had grown.
This suggested that bullish sentiment around these tokens continued, but was not significant enough to impact price movement.
Read Ethereum’s [ETH] Price forecast 2024-25
At the time of writing, ETH was trading at $3,386.65. In the last 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 was up 0.99% over the past 24 hours.
Source: Santiment