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Base Emerges As The Top Layer 2 Network Of The Year
In a remarkable achievement, Base has taken the top spot as the leading layer 2 (L2) network of the year. This milestone surpasses competing chains like Arbitrum and Optimism in key metrics such as total value locked (TVL), active users, transactions, and transaction volume.
Base, built by Coinbase, was designed to address Ethereum’s scalability challenges. By enhancing transaction speed and reducing costs, it provides developers with a more efficient environment for building decentralized applications (dApps). The network utilizes Optimism’s OP Stack, employing optimistic rollup technology that processes transactions off Ethereum’s main chain (L1) and then consolidates them back onto L1 for security and finality.
Following an initial developer-only phase, Base opened to the public on August 9, 2023. Its launch garnered significant attention from major brands and developers alike. The platform has since seen notable applications and initiatives, including:
* NFTs: Exclusive NFT campaigns were launched by prominent brands like Coca-Cola, Atari, and Coinbase, with the latter’s “Stand With Crypto” initiative.
* DAOs: Aragon introduced tools to simplify the creation and management of Decentralized Autonomous Organizations (DAOs) on Base.
* DEXs: The network supports at least two decentralized exchanges, with a third expected soon.
In a unique move, Base has taken a stance against token issuance by explicitly stating that it will not be launching a native token. This decision aims to protect users from scams involving fake Base tokens. By leveraging Coinbase’s extensive user base and offering a scalable platform for dApp development, Base is positioning itself as a driving force in expanding the crypto ecosystem.
The platform’s rapid adoption and ecosystem growth demonstrate its potential to shape the future of blockchain technology.
Source: nulltx.com
