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Layer-2

Base: Establishing a Legitimate Layer-2 Presence

Ally Zach, Toe BautistaAug 25, 2023 ⋅ 13 min read

Key Insights

  • Base is an Ethereum Layer-2 solution, incubated by Coinbase and built on Optimism's OP stack.
  • Base has rapidly acquired new users and is projected to reach 1 million active addresses faster than its core Layer-2 competitors.
  • Despite Base being operational for only a brief period, several applications, including DEXs and friend.tech, have quickly captured mainstream attention.
  • In a direct revenue comparison, Base's 30-day earnings of $3.63 million surpass Arbitrum's $3.54 million and Polygon's $1.59 million.

Layer-2s have become the dominant user venue over the last year, with the combined Optimism and Arbitrum unique addresses climbing from 10% of Ethereum a year ago to surpassing Ethereum active addresses today. Now, Coinbase has released its Layer-2, Base, which has seen rapid adoption as it actually surpassed Ethereum, Arbitrum, and Optimism in terms of processed transactions earlier this week.

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Ally Zach
0xallyzach

Ally is a Research Analyst on the Enterprise team at Messari. Prior to joining the team, Ally worked as a Structural Engineer at Magnusson Klemencic Associates. Ally graduated from the University of Illinois in 2018 with a master’s degree in Civil and Structural Engineering.

Toe Bautista
_ThePinkyToe

Toe is a technical research analyst at Messari specializing in DeFi coverage. Before joining Messari, he worked as a data scientist at both Celsius Network and IBM. Toe graduated from the University of Michigan School of Information.

Outline
  • Key Insights
  • Base Overview
  • Base Application Ecosystem
  • Base Level Fees and Security
  • Looking Ahead
Authors
Ally Zach
Ally is a Research Analyst on the Enterprise team at Messari. Prior to joining the team, Ally worked as a Structural Engineer at Magnusson Klemencic Associates. Ally graduated from the University of Illinois in 2018 with a master’s degree in Civil and Structural Engineering.
Toe Bautista
Toe is a technical research analyst at Messari specializing in DeFi coverage. Before joining Messari, he worked as a data scientist at both Celsius Network and IBM. Toe graduated from the University of Michigan School of Information.