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Base surpasses Optimism and Arbitrum in the wake of Coinbase’s Smart Wallet launch.

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Base, a layer-2 network backed by Coinbase, is experiencing rapid growth and increased network activity, surpassing competitors like Arbitrum and Optimism in daily transactions. According to data from GrowThePie and L2Beat, Base has seen a 7.1% increase in daily transactions, with an average of 31.37 transactions per second. This surge in activity has also led to a significant increase in the total value of assets locked on the network, approaching $7.64 billion, close to Optimism’s TVL of $7.76 billion.

Moreover, a Dune Analytics dashboard curated by on-chain analyst Kofi indicates that Base is the highest-earning layer-2 network in the past three months, earning $16.88 million in March, $12.90 million in April, and $6.98 million in May. Market experts attribute this surge in network activity to the Dencun Upgrade implemented in March, which introduced proto-danksharding, reducing gas fees significantly for layer-2 solutions like Base.

In addition to its network growth, Coinbase has launched its Smart Wallet, a self-custodial solution aimed at bringing over 1 billion users on-chain. The Smart Wallet allows users to create a free, secure wallet in seconds, simplifying the onboarding process and reducing the number of transactions needed to be signed. Initially supporting eight networks, including Base, Ethereum, Optimism, and others, the Smart Wallet aims to address the challenges that have made going on-chain slow, expensive, and difficult.

Overall, Base’s rapid growth and increased network activity underscore its importance in the crypto community, with the network becoming a significant player in the layer-2 market. With its Smart Wallet product and ongoing updates like the Dencun Upgrade, Base continues to attract users and increase its market share, positioning itself as a key player in the evolving DeFi landscape.

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