Base Network Experiences Congestion due to Increased Activity, Resulting in Transaction Backlogs and Rising Fees
The sudden interest in memecoins on Base has catapulted the network to become one of the largest layer 2 solutions on Ethereum, leading to a surge in daily transactions.
Coinbase is urging users to either cancel or resubmit pending transactions with adjusted fees, but some are finding themselves unable to cancel stuck transactions.
Coinbase is facing a massive influx of activity on its layer 2 blockchain, Base, which is designed to facilitate transactions on Ethereum with reduced fees. An official warning posted on Coinbase’s status page highlights the current challenges:
The Base mainnet is experiencing high traffic and an increase in fees.
Base
This situation is causing transaction congestion, with some transactions becoming stuck due to insufficient fees. Users relying on wallets like Coinbase Wallet are unable to cancel these pending transactions.
The Rise of Memecoins Congests Base
The surge in Base’s activity can be partially explained by the recent fervor surrounding memecoins—digital tokens with quirky names designed to create a buzz on the internet. Appealing to a community of ‘degens’ driven by hype, these tokens have propelled activity on Base to unprecedented levels.
Tokens like normie (NORMIE), Briun Armstrong (BRIUN), and brett (BRETT) have seen gains of up to 500% in a week, leading to transaction fees reaching $5.
According to DefiLlama data, Base now ranks as the third-largest layer 2 network on Ethereum in terms of total deposits, with over $700 million locked. The frenzy around these memecoins has caused the number of daily transactions to soar from under 200,000 to over 600,000 earlier this week.
Solutions and Tips for Users
In the face of this transaction influx and rising network fees, Coinbase advises users with pending transactions to cancel and resubmit them with an updated estimated gas fee. For those unable to cancel their pending transactions, they will have to wait for traffic to calm down to have them processed. The platform assures users that their funds are secure despite these disruptions.
