- The daily transaction count on Base Network has reached its greatest point to date.
- A new transaction record for Shibarium has also been created.
- Decentralized apps (DApps) are increasingly focusing on Ethereum Layer 2 protocols.
In the cryptocurrency world, it’s not just Bitcoin stealing the spotlight. The chatter around altcoins, particularly Ethereum and Shiba Inu, is growing louder as both are making impressive strides.
This Ethereum news is gaining traction, with Ethereum Layer 2 solutions taking center stage. The ETH L2s with protocols like Coinbase’s Base Network and Shibarium are reaching remarkable transaction milestones.
Base Network has been racking up impressive daily transaction growth. At the same time, the Shibarium news is also making waves with its total transaction count.
As these developments unfold, the spotlight shifts from just Bitcoin to the broader crypto ecosystem. That is promising an exciting future for altcoins.
Is Base’s Daily Transaction Milestone a Sign of Bigger On-Chain Activity?
Base has quickly positioned itself as a leading force in the Ethereum Layer 2 rollup ecosystem. According to data from BaseScan.org, the platform has been breaking records, with daily transactions surging dramatically.
On November 26, the daily transactions count peaked at 11.44 million. However, there has been a dip in subsequent days. Despite that, the network maintains a robust 7.74 million daily transactions as of December 5.
Since its launch on August 1, 2023, Base has seen a remarkable rise in transaction count. It has been growing from just 206,670 daily transactions to its current numbers.
The sharp increase in Base’s daily transactions highlighted its growing popularity. However, it also indicated the robustness of its infrastructure in managing high transaction volumes.
This surge reflected the network’s ability to handle greater activity. That was driven by its low fees, developer-friendly setup, and seamless integration with Coinbase.
Base’s rapid expansion mirrors a broader trend in the crypto space. It was steered by the demand for more efficient and accessible blockchain solutions.
Moreover, the network’s success can be attributed to several factors. This included its appeal to decentralized finance (DeFi), non-fungible tokens (NFT), and gaming applications. That has succeeded in attracting both developers and users seeking scalability.
Similarly, Base’s connection to Coinbase’s vast ecosystem allows millions of users to access dApps easily. This helped position it well to meet the growing demand in the crypto market.
In tandem with its transaction growth, Base’s Total Value Locked (TVL) has skyrocketed to $4.043 Billion. The solid foundation in TVL and a growing user base highlighted the importance of Layer 2 solutions.
These solutions improve Ethereum’s scalability, reducing congestion and high gas fees. It has helped pave the way for the broader adoption of DeFi and dApps.
Base’s rapid ability to attract capital highlighted the strong investor confidence in its long-term prospects. Its connection to Coinbase provided a significant advantage.
Additionally, Base has explored new revenue streams. With this, network fees reached 145.68 ETH, approximately $566,000 daily at the current price of ETH ($3,884 when writing). This surge in fees reflected the growing demand for its block space.
Is Phantom Wallet Boosting Base’s Traction?
In late November 2024, Phantom Wallet unveiled a significant upgrade by fully integrating with Base. Initially created for Solana, Phantom Wallet has expanded its ecosystem to support Ethereum and Polygon. Now, it has fully integrated with Coinbase’s Layer 2 blockchain, Base.
With this new feature, which has moved beyond its beta stage, Phantom users can now buy Ether (ETH) and USD Coin (USDC) on Base. Users can now swap tokens seamlessly across Base, Ethereum, Solana, and Polygon networks.
Brandon Millman is the co-founder and CEO of Phantom. He emphasized that “the future of digital asset management lies in cross-chain interoperability.”
This development enhances the overall user experience and solidifies Phantom’s position in the Base ecosystem. That aims to simplify navigation and transactions across multiple blockchains.
Shibarium News: It Struck 600 Million Transaction Milestone & Growth In Other On-Chain Metrics
While Base continues to break daily records, Shibarium, another key Ethereum Layer 2 scaling solution, is focused on long-term growth. The meme-inspired Shiba Inu cryptocurrency has also benefited from the ongoing bull market.
Shibarium’s progress has been gradual but steady, with a noticeable surge starting November 4. An independent team for Shiba Inu developed it. Also, recently, Shibarium reached a significant milestone, with its total locked value now at $6.99 Million.
Looking at the broader picture, Shibarium has seen impressive growth. Its total locked value has increased by 451% since late September, rising from just $1.24 Million.
The strength of the Shiba Inu blockchain is also evident in its on-chain activity. With this, accounts grew by over 63.5%, reaching 208,608 in just a few months.
On December 5th, Shibarium announced on X that it had reached a major milestone. That surpassed 600 million transactions. As of the latest update, the network had processed 606.689 million transactions. This highlighted its increasing impact on the Shiba Inu ecosystem.
Recent updates to the Shibarium ecosystem have been crucial to its growth. One notable upcoming improvement is a hard fork upgrade to boost transaction speed and network efficiency. That has allowed Shibarium to handle higher volumes and expand its block capacity.
These enhancements elevate the user experience and solidify Shibarium’s standing in the competitive Layer-2 market. Currently ranked as the 119th largest chain on DefiLlama, Shibarium has surpassed Litecoin. That signaled significant potential for future growth.
With a market cap of $17.8 Billion, Shiba Inu is the 12th largest cryptocurrency. As a whole, the SHIB ecosystem still holds significant potential for further expansion.
Why Are Ethereum L2s Gaining Massive Adoption?
The increasing use of Ethereum Layer 2 networks is a natural response to Ethereum’s scalability issues. These solutions address the blockchain’s struggle to handle high transaction volumes efficiently and affordably.
Layer 2s like Shibarium and Base help alleviate congestion by operating on top of Ethereum. They reduce transaction fees and enhance speed. This makes them appealing to developers and users seeking a more scalable experience.
A key driver of this adoption is the rise of AI-powered applications, especially in decentralized spaces. Platforms like Virtuals Protocol, which enables the creation and monetization of AI agents, are playing a significant role in this growth.
Alongside projects like Clanker and Freysa AI, these AI-driven platforms harness the scalability of Layer 2 solutions. With this, they foster innovative user engagement and create new revenue opportunities.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
