Base Emerges as Dominant Ethereum L2 Network, Surpassing Arbitrum

TL;DR

• Base emerges among L2 networks, surpassing Arbitrum as the most active network in April.
• It added over 1.48 million new active addresses in 9 days, compared to Arbitrum’s 1.43 million.
• The protocol surpasses $4 billion in TVL and leads in transaction volume over Arbitrum and Ethereum.
  

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Competition for leadership among Ethereum’s layer 2 networks is fierce this year. Recently, the Base network, backed by Coinbase, managed to surpass Arbitrum as the most active layer 2 network in terms of active addresses during the month of April.

The explosive growth of Base is evident with the addition of over 1.48 million new active addresses in just the first nine days of this month. This narrowly surpasses Arbitrum One, which recorded 1.43 million active addresses in the same period. However, in the total count of active addresses over the last 30 days, Arbitrum One still maintains a slight lead over Base, with 3.84 million compared to 3.76 million respectively.

Base’s success can also be seen in its TVL, which recently surpassed $4 billion. This positions Coinbase’s L2 network just behind Arbitrum One and OP Mainnet in terms of locked value.

Additionally, Base has excelled in transaction volume. With a total of 53.1 million transactions in the last 30 days, it comfortably surpasses Arbitrum and Ethereum in this aspect, with 41.2 million and 37.9 million respectively.

Every Sixth Memecoin on Base Is a Scam

However, the successful L2 network is facing some challenges. The network is a prime target for thieves, with phishing scams proving to be particularly successful, with an 18% increase from January to March and $3.35 million stolen just last month. Moreover, it has been identified that every sixth memecoin on Base is a scam, and 91% of memecoins on the network have security vulnerabilities that could expose users to significant losses.

Beyond the successes and problems, Coinbase’s goal is to progressively decentralize the Base network, aiming to build a safer and more equitable future. Although the exchange currently fully controls the network, its commitment to decentralization is a positive signal.