1,600% Growth in Daily TX Defines Ethereum Layer 2’s Breakout Year

Base, the Coinbase-incubated Ethereum Layer 2, has experienced tremendous growth since it launched its mainnet on August 9, 2023.

According to Delphi Digital’s latest report shared with CryptoPotato, in 2024 alone, daily transactions on Base have soared by 1,600%, climbing from 372,000 at the start of January to over 6.63 million in October. This makes Base a standout performer across several key metrics, including total value locked (TVL), active users, and transaction activity, where it has grown faster than the overall on-chain economy.

Surge in Base’s Adoption

Base’s TVL rose from $439 million in January 2024 to $2.51 billion by October, reflecting a 470% increase. Its share of the global on-chain TVL also expanded significantly, from 1.07% to 3.59%.

While Base’s on-chain activity has been fueled by a rise in active addresses and stablecoin usage, its relatively modest TVL compared to larger networks highlighted its unique focus on non-monetary applications. The network’s usage boost is notably linked to the popularity of Aerodrome, which currently accounts for more than 40% of the network’s total TVL.

Base’s growth in active addresses has been extraordinary, with weekly active addresses rising from 300,000 in January to 6.61 million at the end of October, a surge of 2,100%.

This increase has significantly boosted Base’s share of all on-chain weekly active addresses, jumping from 1.6% to 11%. The figures for the number of new daily active addresses on Base surged by 5,300%, rising from 8,320 in January to 450,000 by October. This has resulted in the Layer 2 network’s market share of new daily active addresses growing from 1.2% to 6.5%.

From January to October, Base’s daily transactions have skyrocketed from 2.1 million to 42.34 million, an increase of more than 1,900%. This growth has expanded Base’s market share in daily transaction volume from 0.67% to 9%. Delphi Digital said that the uptick not only signals Base’s increasing adoption and affordability but also depicts its ability to thrive alongside the success of other networks, such as those in the Superchain framework.

Base’s Stablecoin Adoption

Base has also seen a rapid acceleration in stablecoin adoption. As of November 11, its cumulative weekly stablecoin volume had grown from $620 million in January to $55 billion, representing a staggering over 8,800% increase. This growth has propelled the Layer 2 network’s stablecoin market share from 0.7% at the beginning of the year to 18% by November.

“This increase in Base stablecoin volume is representative of Base’s efforts to increase network capacity while driving down costs. As a result, Base is well positioned to process mass payments between consumers and merchants utilizing stablecoins as a universal medium of exchange.”