Brian Armstrong called Coinbase’s Base Top Layer 2 solution

According to Coinbase CEO Brian Armstrong, Base now leads as the top Layer-2 solution in terms of transaction volume.

Base uses “bright packages” to increase transaction speed and reduce costs by decentralizing transactions from the main Ethereum blockchain. These transactions are then consolidated and completed on the Ethereum mainnet, maintaining the high security standards that Ethereum is known for. This efficient process significantly reduces costs.

The highest layer 2 solution with the highest transaction volume

Armstrong outlined the innovations that will drive this change during its first quarter earnings call on May 2, 2024.

According to Armstrong, this reflects Coinbase's commitment to making crypto transactions as efficient and cost-effective as possible.

“Base has helped significantly reduce transaction fees and confirmation times, bringing us closer to our goal of making the average crypto transaction take less than a second and costing less than $0.01 anywhere in the world. Developer activity on it has increased eightfold in Q1. Over the past 30 days, Base has It has done twice as many transactions on Layer 1 as the entire Ethereum network, according to Armstrong, with the number of transactions now being done, the Layer 2 solution is a huge success.

While several DeFi initiatives have been launched on Base, the native projects on this platform have captured a significant market share.

For example, Aerodrome, the largest decentralized exchange (DEX) in the ecosystem with Total Value Locked (TVL) recently matched Uniswap with payment generation. This is important because Uniswap works on 16 different chains.

Moreover, Friend.Tech, a decentralized social media platform based on Base, the generation token, FRIEND, went live in combination with V2 on Friday. The launch and airdrop are expected to significantly increase the availability of the Base ecosystem.

Read more: 7 Best Base Chain Meme Coins to See in 2024

Thanks to various protocol improvements, the advances in the foundation have reduced transaction fees by approximately 80%. Alongside these price cuts, Armstrong announced the integration of the US Dollar Coin (USDC) into all Coinbase products.