Coinbase’s New Ethereum Layer-2 Vs. Optimism and Arbitrum – Daily Transactions

On August 13th, Coinbase’s layer-2 scaling solution for Ethereum (ETH) called Base had the highest number of daily transactions, surpassing Optimism (OP) and Arbitrum (ARB).

According to data from each solution’s block explorer, Base recorded 617,330 transactions while Optimism recorded 438,559 and Arbitrum recorded 544,575.

However, both Optimism and Arbitrum have since surpassed Base in daily transaction counts. Base’s highest record of daily transactions occurred on August 10th, when it recorded 757,294 transactions.

The layer-2 project, which launched this month, is powered by Optimism. Coinbase aims to use Base to introduce more people to the cryptocurrency economy, with hopes of onboarding over a billion people.

At this time, the exchange has clarified that there are no current plans to introduce a network token associated with Base. However, the project is designed to be compatible with Ethereum, Ethereum layer-2s, and alternative layer-1 blockchains.

As of writing, Optimism’s native token, OP, is trading at $1.38. The crypto asset is currently ranked 42nd by market cap and has experienced a drop of almost 1.5% within the last 24 hours and over 13% within the past seven days.

In the meantime, Arbitrum’s native token, ARB, is trading at approximately $0.987. This crypto asset is currently ranked 39th by market cap and has seen a decrease of almost 5.75% within the past day and almost 18% within the past week.

Recent reports show that the decrease in Bitcoin’s value has had a significant impact on other digital assets. A well-known cryptocurrency analyst, Michaël van de Poppe, has weighed in on the situation.

With a large following, Van de Poppe believes that the current market is facing the biggest liquidation event of the year.

There are two possible outcomes: either the market is genuinely broken and prices will continue to fall, likely due to issues such as Evergrande’s bankruptcy and crashing treasury bonds, or we may see a V-shaped recovery like we did in March and June, possibly due to news such as Grayscale’s.

It’s understandable that many people are worried about Bitcoin’s recent decline. Van de Poppe’s analysis of the open interest and 4H RSI charts clearly shows how unusual the current situation is.