As a seasoned researcher with a deep interest in the cryptocurrency space, I find the recent surge in activity on Base, the Layer 2 network incubated by Coinbase, to be quite intriguing. Having closely followed the development of various Layer 2 solutions over the past few years, I can attest to the growing importance of these networks in addressing the scalability challenges plaguing the Ethereum network and other popular blockchains.
The decentralized network, Base, which was nurtured by Coinbase, has experienced a notable increase in daily usage, indicating a rising level of interest and adoption as the cryptocurrency market mood improves.
The Base mainnet also saw a recovery in its TVL after nearly two weeks of slump.
Base Layer 2 Growth
In the last seven days, there has been a significant surge in user activity on Base, reaching a peak of 1,220,883 daily active addresses on July 22nd.
Based on recent insights from IntoTheBlock, I’ve discovered that daily active address counts on Arbitrum and Optimism surpass those of their closest rivals by a significant margin. Specifically, Arbitrum reported 494,214 daily active addresses, while Optimism recorded 445,222 on the same day.
The mainnet of Base, launched publicly last August, has since emerged as one of the major Layer 2 networks. Notably, Arbitrum currently leads in TVL (Total Value Locked) with a substantial amount of $18.07 billion, according to L2BEAT’s latest data.
Despite trailing slightly behind, Base hasn’t fallen too far behind, holding the second spot. The total value locked (TVL) in the network took a significant hit in the first fortnight of July due to the broader market downturn. However, it has since rebounded and currently sits at around $7.3 billion as of July 23rd. Over just the last quarter, TVL on Base has experienced a remarkable growth of nearly 60%.
Meanwhile, Optimism closely trailed with $6.86 billion.
Base’s On-Chain Donations Platform for US Politicians
A cryptocurrency donation platform has been developed for US politicians to receive direct contributions in the form of digital coins on the Base blockchain.
According to Jesse Pollak, the head of Base network, this emerging platform enables contributions in more than 240 different cryptocurrencies, featuring prominent ones such as Bitcoin and Ethereum, alongside conventional credit card transactions.
The platform takes pride in offering a quicker and safer donation process, all while adhering strictly to US laws. Additionally, it guarantees a strong dedication to protecting privacy by gathering only the essential minimum of required data.
“This project is designed to simplify the donation procedure, making it easier and more effective for both donors and political campaigns.”
Today, the fate of digital currencies is under discussion in Washington D.C. Show your advocacy for the future of virtual money by donating to blockchain-aligned candidates using cryptocurrency. Join the bigger crypto-political wave. Give now.
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2024-07-24 07:28