Coinbase L2 Base Outshines Arbitrum In Transaction Count
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Base, Coinbase Inc.’s Ethereum Layer-2 scaling solution, has surpassed both Arbitrum and Ethereum in its daily transaction volume.
Surge in Base Transactions
Based on L2Beat data, over the past 30 days, Base has recorded 45.21 million transactions, surpassing Arbitrum One at 38.58 million and Ethereum at 37.93 million.
Notably, Arbitrum Nova leads with a transaction count of 81.31 mln at that same period.Coinbase’s Base Total Value Locked (TVL) currently stands at $3.89 billion, showing a significant 19.96% increase in transaction volume over the past seven days.
In comparison, Arbitrum One’s TVL has decreased by 4.87% to about $18.45 billion.Ethereum’s TVL sits at $40.02 billion, down by 4.24% from its value seven days ago.
Despite facing network congestion issues a few weeks back, Base’s high transaction volume suggests continued user enthusiasm for its services, as it overtakes Arbitrum in transaction counts.
Base reached a daily Transactions Per Second (TPS) of 35.16, reflecting a 36.12% surge, whereas Arbitrum and Ethereum logged 17.80 and 14.38 TPS, correspondingly. 
Similarly, Zora experienced a substantial increase in its TPS, soaring by over 700% to reach 10.95.
Coinbase Contemplating Adding Extra Functionality
The recent surge in Base metrics coincides with significant developments in the L2 ecosystem, notably the decision to store both corporate and retail customers’ USDC balances on the network.
Towards the end of Q1 2024, Max Branzburg, Vice President and head of Consumer Products at Coinbase, revealed plans to store user USDC balances on the Base Network.
This move aims to streamline fund management, enhance security, reduce fees, and expedite settlement times for Coinbase users, thereby bolstering Base’s functionality and boosting its Total Value Locked (TVL).Speculations persist regarding the potential introduction of a Base token.
Coinbase’s legal Chief, Paul Grewa, previously hinted at the possibility of such an offering in an interview last year. Grewa cited the network’s focus on advancing technological developments in Base as the primary reason for any delays in token issuance.
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