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Base Transaction Volume Briefly Tops Optimism and Arbitrum Despite Scams

2 mins
Updated by Ryan Boltman
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In Brief

  • Coinbase-backed layer2 network Base daily transactions briefly beat that of Optimism and Arbitrum recently.
  • The total value of assets locked on the blockchain network has also increased to $229 million.
  • A recent report revealed that more than 500 scam projects have launched on the network.
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Coinbase’s Layer-2 network Base is already competing with the top Layer-2 networks as its daily transaction volume recently surpassed Optimism and Arbitrum.

Onchain data from the block explorers of the networks show that Base recently hit 617,330 transactions on August 13, surpassing the 544,575 on Arbitrum and 438,559 for Optimism on the same day.

Base Enjoys Growth Since Public Launch

Although Arbitrum and Optimism have since regained their lead, the incident highlights the level of activity on Base since launch and how the competition among the top networks could shape up.

Ethereum layer2
Ethereum L2 Daily Transactions. Source: IntoTheBlock

Since its public launch on August 9, Base has seen a high transaction volume, with the layer2 solution witnessing an influx of memecoin and other token creations. Even before its public launch, the BALD memecoin had drawn crypto traders interest to the network.

However, the recent debut of the friend.tech social network has further driven its network’s growth. Coinbase has also contributed to the popularity of its layer-2 network with the Onchain Summer initiative.

While the multi-week event is set to end by the end of this month, it is already driving users to the network with several projects, including Coca-Cola launching a Masterpiece NFT collection on the layer2 scaling solution.

With all these activities, Base daily transactions per second have been improving and is currently at 7.69, according to L2Beat data. Besides that, the total value of assets locked on the network has also increased to $229 million.

Scam Projects Plenty on Base

Meanwhile, Base is already earning a bad reputation for being home to several scam projects. There have been rug pulls of at least two projects on the network since it launched, and a recent report shows that there are more than 500 scam projects on the network.

The report by Solidus shows that these scam tokens have attracted more than $3.7 million in trading volume. The scammers are rug-pulling the tokens by withdrawing liquidity once they gain traction, minting excess new tokens, and selling everything off.

Last week, BeInCrypto reported how an ex-employee of Uniswap was accused of rug-pulling 14 ETH, around $26,000, from a meme project on the Coinbase-backed layer2 network.

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Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.
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