Reaching a Significant Achievement with One Billion Transactions
The Base network, which is supported by Coinbase, proudly announced on November 15 that it has now processed 1 billion transactions since its August 2023 inception. Base has significantly outperformed older networks like Bitcoin, which took more than 15 years to attain equivalent transaction numbers, by accomplishing this in just over a year. The remarkable expansion of Base underscores its position as the Ethereum layer-2 solution with the quickest rate of growth, surpassing rivals like as Optimism and Arbitrum.
According to a recent CoinGecko study, Base is the second most popular blockchain in 2024, indicating its quick growth and high level of interest. Due to this quick ascent, Base’s investor interest has increased by more than five times since the first quarter, moving it up to the second position in the layer-2 ecosystem. The analysis highlighted Base’s appeal by pointing out that its closest layer-2 rival, Arbitrum, had nine times as much interest in it.
The Impact of Coinbase on Base’s Development
Strong backing from Coinbase, the well-known $76 billion cryptocurrency exchange that powers the network, is largely responsible for Base’s success. Being the biggest cryptocurrency exchange in the United States, Coinbase has significantly increased Base’s legitimacy and drawn a sizable user base. Coinbase’s resources, strong brand, and wealth of crypto knowledge have all come together to form a strong basis for Base’s quick growth in the blockchain market.
NFT Scandal Leads to Base’s Apology
Base produced a commemorative NFT to mark the milestone of one billion transactions. But when digital artist Chris Biron claimed that the network had stolen one of his pieces without giving him credit, outrage broke out. Biron was disappointed, pointing out that Base had already made more than $36,000 from the sales of the NFT.
“I usually enjoy when someone recreates or remixes my work, but when a $76 billion corporation copies it, sells it, and profits over $36k without crediting me, it feels unfair,” said Biron.
Base’s Confession and Settlement
The chief developer of Base, Jesse Pollak, apologized publicly in response to the artist’s complaint. Pollak apologized for the lapse and clarified that the resemblance to Biron’s work was an accident. In addition, Base pledged to make amends by giving Biron all of the earnings, recognizing the significance of accurate attribution and pledging to enhance their procedures to avoid future occurrences of this kind.
“Shared inspiration is a common source of creativity, and in creating this piece, we unwittingly mimicked another artist’s work without giving due credit. We apologize, and Biron will receive 100% of the sales,” Base said.
Biron praised the gesture, describing it as a “class act” and praising Base’s tactful approach to the matter.
The Base network’s ascent to one billion transactions demonstrates its quick development and competitive advantage in the Ethereum layer-2 market, which is supported by Coinbase’s assets and well-known brand. Although this accomplishment was momentarily overshadowed by the NFT copying incident, Base’s prompt and courteous response has reaffirmed its dedication to moral behavior and demonstrated the importance it placed on innovation and teamwork within the blockchain and digital art communities.
