The layer-2 scaling solution, Base, backed by Coinbase, has witnessed an impressive rise after approximately six weeks since its launch. Among various bridges, the Ethereum-Base bridge has become the seventh most active in terms of transaction count, surpassing other prominent bridges such as Ethereum-Arbitrum and Polygon zkEVM. This article examines the growing prominence of Base and its competition within the layer-2 ecosystem.

Base Rise To Prominence, Stargate The Most Active Bridge:
The Ethereum-Base bridge has seen significant growth in transaction count; however, it still lags behind the zkSync Era Bridge, which operates solely with Ethereum and has processed over 29,970 transactions, more than 14 times the count registered by the Ethereum-Base bridge. Meanwhile, the Stargate Bridge has emerged as the most active bridge, connecting multiple blockchains and layer-2 platforms, including Solana, Polygon, Avalanche, and BNB Chain, and has processed over 118,000 transactions.

The Escalation of Base:
Considering the timing of its launch and competing against established layer-2 networks like Arbitrum and OP Mainnet, the rise to prominence of Base is noteworthy. Although Ethereum remains the most popular smart contract platform, it faces scalability challenges with its base layer, capable of processing only around 15 transactions per second (TPS). This limitation, coupled with high transaction fees, has spurred developers to explore alternative solutions.

Scaling Ethereum: Layer-2 Solutions Gain Popularity:
To address Ethereum’s scalability issues, developers have proposed various means, including sharding, which involves dividing the network into independent sections called “shards” connected for security. However, gaining traction in recent times are layer-2 solutions. These solutions leverage the rollup model, where transactions are processed off-chain before being settled on the mainnet. Additionally, Polygon has achieved success as a fully compatible sidechain with Ethereum.

Current Leaders in Layer-2 Solutions:
According to L2Beat, a tracker for Ethereum layer-2 solutions, the most popular general-purpose platforms enabling the deployment of protocols are Arbitrum and OP Mainnet. Arbitrum One has a total value locked (TVL) of $5.6 billion, while OP Mainnet boasts a TVL of $5.28 billion. Despite its recent launch, Base has already reached impressive milestones, with a TVL of $530 million, positioning itself as the third-largest network.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.