Coinbase's Base Hits 3M Daily Transactions, Fees Under 1 Cent

Coinbase's recent onboarding of 100 million users onto its Base layer 2 (L2) platform signifies a major bullish cycle for the cryptocurrency sector, particularly for decentralized finance (DeFi). With the integration, users are expected to explore other chains like Ethereum's mainnet and Solana, amidst growing optimism in the Ethereum ecosystem, highlighted by its strong performance and the influx of major investments such as BlackRock's $100 million. Base's appeal is further bolstered by its low transaction fees, which have been reported to be less than 1 cent over the last 24 hours, and a surge in daily transactions to over 3 million, setting new records for the platform. The growth of Base, along with the anticipated boom in smart contract wallet usage and meme coin adoption, underscores a broader trend towards Ethereum L2 solutions, which are seen as pivotal in scaling Ethereum and reducing mainnet fees. This trend is supported by significant transaction volume growth on Base compared to Solana, with Base having ~$30.7M inflows and Solana ~$44.5M, and the increasing prominence of L2s as Ethereum's scalable solution. The daily transaction count on Base has increased from 500K to 3.1M over the past 30 days, while the average transaction fee has dropped from $1 to $0.2, achieving 34 transactions per second (TPS).