Coinbase's Layer 2 solution, Base, continues to dominate the scaling race, with more than 4.50 million transactions a day on Saturday, setting a new high. According to reports, Coinbase recently launched cbBTC, which has boosted Base's on-chain activity. CbBTC is an ERC-20 token backed 1:1 by Bitcoin held by Coinbase and designed for use in Ethereum and DeFi applications in the Base ecosystem. The product is designed to compete with WBTC, which is currently the largest tokenized BTC offering with a market cap approaching $9 billion.