Saturday, June 22, 2024

Coinbase Fresh Ethereum Layer-2 Exceeds Optimism and Arbitrum in Daily Transactions

In a recent development, Coinbase’s fresh Ethereum (ETH) layer-2 scaling solution experienced a fleeting moment of triumph, surpassing both Optimism (OP) and Arbitrum (ARB) this week when it comes to daily transactions.

According to data furnished by the respective block explorers of each scaling solution, on August 13th, Coinbase’s solution registered a notable 617,330 transactions, outpacing Optimism’s 438,559 and Arbitrum’s 544,575 on the same day.

It’s worth noting that both Optimism and Arbitrum have since reclaimed their positions, surpassing Coinbase’s solution in terms of daily transaction counts.

Interestingly, Coinbase’s layer-2 project hit its all-time peak in daily transactions a mere three days prior, on August 10th, boasting an impressive 757,294 transactions.

The initiation of this new layer-2 endeavor took place earlier this month, with Optimism serving as the driving force. Coinbase’s aspiration for this project includes facilitating the onboarding of more than a billion individuals into the cryptocurrency ecosystem.

It’s important to highlight that Coinbase has clarified its intent not to introduce a network token linked to this project. The design of the project emphasizes compatibility with Ethereum, Ethereum layer-2s, and alternate layer-1 blockchains.

As for Optimism’s native token, OP, its current trading price stands at $1.38. This crypto asset, ranked 42nd by market capitalization, has seen a decline of nearly 1.5% in the past 24 hours and over 13% in the past week.

Meanwhile, Arbitrum’s native token, ARB, is trading around $0.987 at present. Ranked 39th in terms of market capitalization, this token has experienced a decline of almost 5.75% in the last day and nearly 18% in the past week.

Read Also: Mastercard Partners with Ripple and Leading Companies to Drive CBDC Collaboration in New Initiative

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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