Base outpaces Solana in activity through Ethereum scaling

Base recorded over 4 million daily transactions in early 2026, a massive volume that allowed it to capture $196.2 million in revenue out of a $790.9 million total Layer-2 market.
Base leads.
This accounts for 24.8% of all sequencer fee revenue. Total value locked on Base grew 23% to $7.8 billion in March 2026. Morpho stands second among lending protocols by TVL, borrowed capital, and 30-day fees, trailing only Aave. Aerodrome ranks third among all DEXs in the EVM ecosystem by 30-day DEX volume and fourth in 30-day fees. Total cbBTC collateral directed via Coinbase surpassed $1.5 billion, representing 62.2% of Morpho’s TVL on Base and 30.7% of the L2’s total TVL. The Base App supports 1,500 creator tokens and 70,000 content tokens daily from 15,000 to 20,000 unique daily creators. These SocialFi tools leverage the Coinbase user funnel to drive engagement. Layer-2 fees on Base dropped 80% to 90% compared to Ethereum Layer-1. The total stablecoin market capitalisation reached $308.0 billion as of 13 August 2026. Ethereum carries 48.7% of this supply.

Solana faces a different reality

Solana’s core developer count fell since 2022. I find the divergence telling. While Solana added 7,625 new developers in 2024, that 83% growth in new builders failed to secure long-term retention. Ethereum shows consistent growth in its developer community. This divergence creates a gap in ecosystem stability. Solana processed $650 billion in stablecoin transactions in February 2026. The SOL-denominated TVL exceeded 80 million SOL. Solana DEX volume reached $95 million. Solana’s RWA market cap hit $1.71 billion in late February. BlackRock’s BUIDL fund held $550 million on Solana, while Goldman Sachs held $108 million in SOL. Solana maintains a market capitalization of $60.39 billion. Active addresses on Solana reached 2.05 million. The network holds approximately 30% of decentralized-exchange share for seven consecutive quarters as of 2026. Citigroup completed a full trade finance lifecycle onchain in early February.

The engine of Ethereum scaling

Coinbase provides a massive user base of 100 million verified users. Base uses the OP Stack to scale. Base transactions often cost less than $0.01.

I see the shift. L2Beat data shows total value locked across Ethereum scaling solutions exceeds $45 billion. Arbitrum One holds $18 billion. Optimism secures over $17 billion. ZKsync holds $4.5 billion. The top three Ethereum L2s by TVL control 80% of all sequencer fee revenue. Ethereum carries 48.7% of the total stablecoin supply. Spot ETF inflows into Ethereum exceeded $11 billion through March 2026. Ethereum staking accounts for 30% of the total supply. The US GENIUS Act cut the value of incumbent payment firms by an estimated $300 billion. I see the trend clearly. Base wins. Can Coinbase maintain this lead?