Base Network Records 1.4M Daily Transactions, Nears Previous ATH

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Base Network Records Million Transactions
  • Data from IntoTheBlock shows a growing momentum on the Base network.
  • Base recently recorded 1.4 million daily transactions, closing in on previous ATH.
  • The original record of 1.42 million daily transactions was set on August 21, 2023.

Data from IntoTheBlock, the famous market intelligence platform, shows a growing momentum on the Base network. The analytics platform posted on the X app (Twitter) that Base recently recorded a 1.4 million daily transactions figure, closing in on a previous record of 1.42 million transactions in one day. The original record was set on August 21, 2023.

IntoTheBlock alerted the crypto community that the Base network is on the verge of a new milestone. The market intelligence platform used a screenshot to show the on-chain trajectory of the Ethereum-based layer-two solution. The information shared revealed that despite declining ETH prices, the number of transactions on the Base network is on a significant upward rally.

IntoTheBlock’s post showed that the last time Base experienced such a swell in daily transactions was in August. Notably, the last recorded significant surge in daily transactions was in divergence with ETH’s price action, similar to the current development. However, a sharp decline followed the surge in the metric under observation before picking up again in the first week of September.

Base is an Ethereum-based layer-two platform that was incubated by Coinbase and built on the open-source OP Stack. According to the protocol’s description, it offers a safe, low-cost, developer-friendly way to build on-chain. Coinbase, the protocol’s incubator, noted that it has no plan to issue any new tokens for Base. Hence, the layer-two project will run on the existing ETH tokens of the parent blockchain, Ethereum.

On Wednesday, September 13, IntoTheBlock announced the integration of Base into its market intelligence suit. In a Medium post, the market intelligence platform said its Base Analytics would cover a wide array of advanced indicators, metrics, and insights for the Base network.

IntoTheBlock’s Base Analytics will cover in-depth financial indicators, network behavior analysis, ownership analysis, exchange indicators, and social insights.