Coinbase’s L2 Base continues to scale with $5M grant and new 5.27M daily transactions peak
Optimism Weekly Overview - September 24, 2024
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Superchain Ecosystem Numbers
DeFi total value locked (TVL) across Superchain: $3.06B (+16.7%)
Assets onchain: $14.05B (+6.7%)
Daily average transaction volume: 6.4M (-3.8%)
Base: 4.72M (+3.06%)
Zora: 95.95K (-11.77%)
OP Mainnet: 691.89K (+18.65%)
Mode: 139.05K (+59.61%)
Kroma: 346.77K (-58.60%)
Mint: 141.12K (-4.27%)
Cyber: 62.90K (-36.68%)
Revenue-generating deployers on:
Base: 4,715 (+0.15%)
Zora: 149 (-5.70%)
OP Mainnet: 1,109 (+0.18%)
Superchains: 5,412 (-0.15%)
Superchain transaction fee total savings vs L1s:
OP Mainnet: 22,292 ETH
Base: 89,119 ETH
Zora: 4,448 ETH
Compared to Ethereum, L2 Superchain users saved a total of 115,859 ETH, or $301.62M on txn fees this week.
The percentages and metrics are pulled from OPLabs data on Dune and are calculated from its change over a 7-day time frame, unless noted otherwise.
Spotlight on Optimism’s Superchain
Highlighting some of the biggest updates on Optimism’s Superchain this week.
🔴What’s happening: Coinbase’s L2 Base hit 5.27 million daily transactions on Friday, marking an all-time high metric for the network, according to Superscan data.
🔴Why it matters: The transaction volume on Base has grown substantially since March and is up over 1,000% since the beginning of 2024. Since mid-August, the network has maintained over 4 million daily transactions and more than 1 million active users, the data shows.
Source: Superscan
These data benchmarks point to market and user attention on Base, making it one of the go-to L2 networks for onchain activity.
However, amid this growth, Base’s daily transaction peak, the network had about an hour-long outage, or “degraded performance,” on Saturday. It was a “stalled head” and resulted in new transactions not being processed, Jesse Pollak, creator of Base, said on X. While it’s unclear what caused the disruption at the time of publication, Pollak added that there will be a “full retrospective” shared following the incident, but it has not been distributed, yet.
Base, which is built on the OP stack, accounts for 71.7% of total transactions within the Superchain, according to data from the Superchain Health Dashboard. This highlights its growing market share and influence, likely driven by developer innovations, user incentives, and an increase in attention on the protocol.
Base was also approved on Monday for a grant of about 3 million OP, or $5 million, to launch an incentive program to reward DeFi builders on its network that are focused on expanding ether and bitcoin capabilities. The proposal stated half will be allocated to existing DeFi protocols and half to new DeFi protocols that launch during that quarter.
If Base can continue to incentivize builders and sustain momentum, it could become the top network for onchain activity.
🔴What it means for the broader ecosystem: Given that Base is a part of the Superchain, the more its network succeeds, the better the outcome for the broader ecosystem it resides in.
Base's upward trajectory may encourage more developers to build on the OP Stack and join the Superchain benefiting from active user engagement, builder-friendly terms, and incentive programs. This could lead to further expansion of the Superchain, positioning it as an innovation hub in the decentralized space.
What’s poppin’ across the Superchain
👤Total number of weekly active addresses by chain:
Base: 7.01M
OP Mainnet: 346.55K
Zora: 105.66K
Mode Network: 10.64K
Optimism released an onchain data analytics dashboard that featured projects participating in The SUNNYs
Gas fees for OP Mainnet are $0.004 compared to $1.54 on Ethereum, making it a 99% cheaper option – according to growthepie data at the time of writing
Velodrome, a liquidity hub for the Superchain, added support for derivative trading-centric L2 Polynomial
From the Optimism Collective
Highlighting the companies, communities and citizens bound to the Optimism Collective.
ICYMI: The Base Africa community is making noise – check out this thread on X by community member aneri.base
X user WorldofMereck created a deep dive analysis into the Mode Network
Learn more about World Chain and how its using the OP Stack to build its L2 in this video by the Encode Club
Want to learn more DeFi protocols Aerodrome and Velodrome and how they’re contributing to the Superchain? Check out this video
Making headlines
Watch the Good News Show’s latest episode that featured the Superchain
Coinbase's Base Layer 2 shatters transaction records with over 4.5 million in a single day (The Block)
Get into the OP Stack
Want to dive into the ecosystem full-time? Find the latest job postings here or get involved at an event below.
If you’re contributing to Mode’s AI ecosystem – Apply to join their AIFi launch program, registration open until Oct. 4
Listen to team members from the Optimism, ZKsync, and Arbitrum about L2s and ZK Proofs in a webinar hosted by QuickNode on Oct. 3
Base is hosting a series of hackathons across the globe – learn more here and see if your region is participating
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.