Coinbase’s innovative Layer-2 network, Base, has marked a significant achievement by surpassing 1 million daily active addresses. Launched with the new “basenames” service, this milestone underscores the network’s rapid growth and increasing popularity among users. The surge in user engagement has fortified Base’s position within the competitive cryptocurrency landscape.
What Fueled This Rapid Growth?
Base’s success can be attributed to the introduction of the “basenames” service on August 21, which significantly boosted user activity. By August 24, daily active addresses on the network reached a record 1.05 million, although a slight decline to 1.03 million was observed in subsequent days. Despite this minor drop, the network has experienced a 60% growth rate from the beginning of August, indicating a sustained upward trajectory.
Which Networks Lag Behind?
The impressive growth of Base has allowed it to outpace other major blockchain networks. For example, Arbitrum registered 394,000 daily active addresses, Linea had 198,000, and Mantle recorded 69,000, all falling short of Base’s figures. The creation of over 200,000 new Base.eth usernames through the Ethereum Name Service platform has given additional momentum to the Base network.
Key Takeaways for Users
- Leverage the “basenames” service to enhance network presence.
- Monitor the rapid increase in daily active addresses for investment insights.
- Consider the network’s significant growth in financial activities for potential transactions.
Beyond user growth, the Base network has also seen substantial increases in financial activities. DefiLlama reports that Base’s share of decentralized exchange (DEX) volume on Ethereum grew from 2.81% in March to 9.25%, reflecting enhanced trading activity and network strength.
The “Onchain Summer” campaign further fueled Base’s ascendancy, culminating in another record of 4 million weekly active addresses. Launched in 2023, this campaign aimed to boost network adoption and has quickly succeeded in doing so.
Coinbase’s Base network is poised for continued impact in the crypto realm, driven by its expanding user base and robust financial activity. The rapid ascent suggests promising future prospects for the network.