Base Blockchain Network Surpasses Arbitrum as Top Ethereum L2 Trading Network
Analytical interface platform Growthpie has reported that the Base blockchain network has taken over the top spot from the Arbitrum network as the leading Ethereum Layer 2 trading network. The transaction volume on Ethereum Layer 2 has reached a new record of 12.42 million, with the Base network emerging as the preferred choice for Ethereum transactions.
The Base network has seen approximately 3.25 million transactions, while the Arbitrum network follows closely behind with 1.11 million transactions.
Emergence of Base Blockchain Network and Other Top Platforms
Base, utilizing Optimistic Rollup technology, has quickly risen in popularity within just a year of its establishment. Other notable networks include Linea, OP Host, Scroll, ZKsync Era, Mantle, Zora, Taiko, and Blast. Taiko, in particular, has experienced a significant 4.4% surge in trading activity in the last day.
Decline in Ethereum Layer 2 Transaction Volume Despite Individual Network Performance
Despite the strong performance of individual networks, the overall transaction volume on Ethereum Layer 2 has seen a sharp decline over the past four weeks. The total number of active addresses has decreased by 16.32% to 5,297,233, while the number of active multi-chain wallets has dropped by 13.41% to 497,425. The dominance of the Layer 2 trading network has decreased by 14.32% compared to the previous week.
In a positive light, the number of active addresses reached a peak in the third week of June, with over 8.5 million transactions recorded.
Also read: Clearpool places credit vault on Base, Ethereum L2 blockchain
