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 position from Arbitrum as the leading Ethereum Layer 2 trading network. The transaction volume on Ethereum Layer 2 has hit a new high of 12.42 million transactions.
Base Network Dominance and Emerging Players
The Base network, utilizing Optimistic Rollup technology, has quickly risen to prominence in the trading space within just a year of its inception. With approximately 3.25 million transactions, it has become the preferred choice for Ethereum Layer 2 transactions, followed by Arbitrum with 1.11 million transactions. Alongside Base, other notable networks such as Linea, OP Host, Scroll, ZKsync Era, Mantle, Zora, Taiko, and Blast are also gaining traction in the market.
Challenges Faced by Ethereum Layer 2 Networks
Despite the individual success of networks like Taiko, which experienced a 4.4% surge in trading activity, the overall transaction volume on Ethereum Layer 2 has witnessed a sharp decline for four consecutive weeks. The total number of active addresses and multi-chain wallets has also dropped, indicating a challenging environment for these networks. While the dominance of second-tier trading networks remains high, there has been a noticeable decrease in overall activity.
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The number of active addresses reached a peak in the third week of June, with over 8.5 million transactions processed. As the market continues to evolve, it will be interesting to see how these networks adapt to the changing landscape.
Also read: Clearpool places credit vault on Base, Ethereum L2 blockchain
