Base's Exploding: Messari

October 10, 2023

61% of all Q3 activity is on L2s, says a Messari's report.

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Ethereum's Layer-2s are popping.

61% of all Q3 activity is on L2s, says a Messari's report.

The rise of Base and has exploded their transactions. is running on Base, an L2 built upon Optimism’s OP Stack.

OP Stack makes it much easier for anyone to build a new L2 network.

Coinbase’s Base even outdid Ethereum's mainnet for a bit in terms of the number of transactions when it got a boost from Friend tech.

It’s crazy to think that one app can flip a blockchain's fate.

Like how Solana’s biggest app was once STEPN, and now it’s SAGE Labs. Arbitrum was/is GMX. Base is Friend Tech.

Base’s TVL is $448M, behind other main L2s - Arbitrum, Optimism and zkSync.

Arbitrum’s TVL is $4.22B. Optimism at $1.27B.

Arbitrum's still the big dog with 600K daily transactions.

But its transactions dropped 36% in Q3, with Base and Optimism slowly eating its market share.

They're flip-flopping market caps.

However, the Market is bearish and user engagement is at a low.

At this volume, it’s easier to overtake volumes.

But the true of time will tell who wins.

One thing is clear, L2s will get cheaper, and more activity will follow on L2.

Due to their lower fees and higher action, most DEX trades might shift to L2s as the DeFi space grows with the big finance getting in.

I’m excited about L2s.

Ostium: $3.5M

Ostium is the first DEX engineered specifically for Real World Assets.


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