Base, Coinbase’s L2, hit a new daily transaction record this week. The composition of those transactions is more interesting than the headline number.
Where the activity is
Roughly 60% from a single trading-focused dApp ecosystem, 25% from social/memecoin applications, the rest from DeFi protocols.
What this changes
Base is now the second-largest L2 by daily volume. The activity is real but concentrated. If the dominant dApps lose narrative, the number falls fast.