Comparing the performance of Solana and Base, it’s evident that while Solana’s growth has been relatively stagnant, Base has experienced substantial expansion in its TVL. Over a span of just 41 days, the layer 2 network has achieved remarkable growth. In August, the network had a TVL of $175 million, marking an impressive 111% increase to reach $370 million.
Base vs. Ethereum
Base has not only surpassed Solana but has also outperformed the Ethereum network in terms of transaction volume. In the month following its launch, Base recorded 1.84 million daily transactions on September 14th, while Ethereum handled 1.28 million transactions on the same day. This consistent outperformance was observed.
However, Base’s daily transactions have since fallen below the 1 million mark, allowing Ethereum to regain its leading position. It’s important to note that the increased activity on Base is mainly attributed to the growing usage of friend.tech, a decentralized social media network.
Native Token Prospects
Following its launch, Coinbase’s Base faced criticism for hosting over 500 fraudulent tokens, resulting in scammers profiting $2 million. Nevertheless, the network also accommodates numerous legitimate tokens. The community has eagerly awaited news of Base Chain issuing its native token.
In a recent interview, Paul Grewal, Coinbase’s Chief Legal Officer, mentioned that the possibility of Base Chain issuing tokens hasn’t been entirely ruled out. However, the project is currently not prioritizing the economic and tokenization aspects of the protocol. This decision is driven by the crucial importance of adhering to clear regulations.