Base network hits record high with 8.8 million daily transactions and Coinbase’s market cap hits $80 billion

Base, a Layer 2 blockchain platform, has achieved a new milestone, recording 8.8 million daily transactions on its network—a record high that underscores its position as a leader in the optimistic rollup ecosystem.

The spike in activity reflects robust growth across key metrics, including transaction volume, network fees, and Total Value Locked (TVL).

Network Fees Reach Three-Month High

On November 28, Base’s network fees hit $766,000, the highest in three months, driven by rising demand for block space.

This increase aligns with broader adoption trends in Layer 2 networks, with competitors Arbitrum and Optimism also experiencing higher transaction volumes, recording 2.5 million and 900,000 daily transactions, respectively.

TVL Surpasses $3.6 Billion, Outpaces Solana

Base’s TVL now stands at $3.6 billion, boosted by net inflows of $227 million over the past week. This figure outpaces Solana, which saw $71 million in inflows during the same period.

Furtheremore, Coinbase the creator of Base has market cap hits $80 billion on November 5, 2024.

AI Protocols Drive Surge in Activity

The surge in Base’s network activity is linked to the rise of AI agent protocols, particularly the Virtuals platform, which enables the creation, co-ownership, and monetization of AI agents across sectors such as gaming, entertainment, and social media.

Major projects within the Virtuals ecosystem, like AIXBT and LUNA, have attracted widespread attention.

One standout example is Freysa AI, an agent programmed not to transfer funds to users.

Freysa AI is an experimental AI-driven agent designed to operate within blockchain ecosystems. Its core concept revolves around programming constraints that challenge user interactions in a secure and gamified environment.

In a notable instance, Freysa AI was programmed to never transfer funds to users, creating a puzzle-like challenge for participants to bypass this restriction.

Freysa AI’s primary interaction involved a crypto challenge, where users tried to extract funds from the agent.

Despite its safeguards, one participant managed to extract $47,000 worth of cryptocurrency.

This growth in the number of transactions is largely driven by the increasing interest in AI agent protocols.