Try Quests to earn cryptoBase Testnet Activity
What is the Question?🚨
Coinbase just launched a new L2 called Base onto Testnet.
Measure the early activity on Base by looking at metrics like:
- Average Gas Fee,
- Daily total gas spent,
- Transaction Activity, daily total transactions, cumulative transaction volume, types of transactions,
- Daily and Cumulative active addresses, and
- Any other metrics you find interesting.
Analyzed Topics:
- Over Time & Overall Base Testnet Statistics
- Success Rate
- Contracts
- Blocks
Introduction🚩
Welcome to the newly launched Base testnet dashboard! This powerful tool provides a comprehensive analysis of the activity on the Base testnet over the past two weeks. As the Base testnet continues to develop and evolve, it is crucial to have a clear understanding of the network's performance and behavior. The dashboard is designed to provide real-time insights into key metrics such as transaction volume, network activity, and overall health. By using this dashboard, users can make informed decisions about their participation in the Base testnet and gain a deeper understanding of the network's capabilities. Whether you are a developer, researcher, or simply curious about the world of decentralized networks, this dashboard is an essential tool for exploring and analyzing this cutting-edge technology.
Check this Link for more information about Base: Link
Method⚡
In this dashboard, I have analyzed the new L2 chain named "Base" launched by Coinbase CEX.
Base is an Ethereum Layer 2 (L2) chain that offers a secure, low-cost, and developer-friendly way to build on-chain. It is built on the OP Stack in collaboration with Optimism.
I have analyzed its testnet, which launched on February 23rd in four parts, to assess its performance during this period. To gather the necessary data and perform my analysis, I used ==Base.goerli== newly created database on Flipsidecrypto.
I hope you find this dashboard informative and gain valuable insights from it!
Findings👀
- Base test net launched on February 23rd and received considerable attention, recording 57K transactions by 22.7K users on February 24th. While activity dropped slightly afterward, it increased again in early March and reached its peak on March 6th, with over 168K transactions generated by more than 35K users. Base's highest transaction volume in both ETH and USD was recorded on February 25th, just two days after launch, with over 8K Ethereum and over 12.8M USD in volume.
- Looking at the Average Fees and Gas Used chart, we can see several fluctuations that occurred in the past two weeks, with the highest recorded on February 24th, one day after Base's launch. Despite this short period, Base was able to record more than 700K transactions by 160K users, with a total volume of 44.7M USD and over 10B spent on transaction fees.
Findings👀
- On March 6th, Base recorded its highest number of transactions, with almost 200K in total. Unfortunately, 32.8K of these transactions were Failed, making it the day with the highest number of failed transactions on record.
- Overall, failed transactions account for over 8% of all Base transactions since its launch.
- To date, Base has recorded over 700K successful transactions and 63.3K failed transactions.
Findings👀
- The highest number of new and unique contracts on Base was recorded on February 24th, with over 1.2K new contracts. However, the number of new contracts started to decrease after that day and did not recover.
- Since its launch, Base has deployed over 6.1K contracts during this period.
- As mentioned earlier, the number of transactions on Base increased after March 4th, with most transactions attributed to one contract, identified as ==0xddb....272==. This contract generated a total of 407K transactions from 101.9K users. On March 6th, the contract saw the highest activity, with over 125K transactions.
Findings👀
- As mentioned earlier, the number of daily transactions on blockchain has recently increased significantly. On March 6th, the number of transactions per block reached a new all-time high of over 13, following a massive hype at the beginning of March. Over the past two weeks, the average number of transactions per block has been 5.6.
- To date, 590K blocks have been created with an average of 39.4K blocks per day.
Conclusion💡
-
Base platform witnessed a surge in activity on March 6th, with over 168K transactions executed by 35K users. However, the highest transaction volume in terms of both ETH and USD occurred on Feb 25th, with over 8K ETH and 12.8M USD traded.
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The highest gas usage for transactions was recorded on March 6th, with almost 10B gas utilized.
-
After the testnet launch, which happened 2 weeks ago, Base recorded over 700K transactions by 160K users, resulting in a volume of 44.7M USD. A total of 45B gas was used, and 176 spent fees were incurred during this period. Almost 92% of Base transactions were successful, and only 8% failed, most of which occurred on March 6th.
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On Feb 25th, the highest contract deploying activity took place, with over 1.2K new contracts deployed on that day. In total, over 6K contracts have been deployed on Base since the past two weeks.
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The contract address ==0xddb....272== recorded the highest number of transactions, with over 400K transactions by over 100K users, mostly after March 4th.
The block activity numbers have shown an upward trend since the beginning of March, similar to other statistics.
