Base recently hit one million daily active addresses, with Coinbase Layer-2 (L2) network founder Jesse Pollak proudly highlighting the creation of up to 200,000 basenames in under a week.
L2 networks like Base aim to boost stability and efficiency while preserving the security and decentralization of the underlying blockchain — in this case, Ethereum.
Base Daily Active Addresses Soar as Basenames Registrations Increase
Basenames, or subnames, are a key on-chain feature that allow users to register their identity on Base with human-readable names linked to wallet addresses. Built on the same technology as Ethereum Name Service (ENS), basenames are fully on-chain and provide a simple way for users to connect with on-chain applications.
Users can use these names not only on Base but also for sending and receiving transactions across any Ethereum Virtual Machine (EVM)-compatible chain.
“Within one week since launch, Base.eth subnames have gained 200,000 registrations,” an X user reiterated Pollack’s post.
In addition to surpassing one million daily active addresses, Base L2 has seen daily transactions soar beyond four million. Data from Dune Analytics further reveals that weekly transactions have reached an all-time high, exceeding 29 million.
Read more: Layer 1 vs. Layer 2: What Is the Difference?
According to DeFiLlama, the total value locked (TVL) on the Base chain has reached $1.59 billion, marking an almost 30% increase from its monthly low. This surge in TVL reflects growing popularity, indicating more capital being locked into the DeFi ecosystem on Base.
Read more: What is Base Chain? Everything You Need to Know
While Base continues to thrive, the anticipated launch of Soneium by Sony Block Solutions Labs could pose a serious challenge. Like Base, Soneium plans to leverage the Op stack, and to join Optimism’s Superchain. Despite this, Pollak views the competition positively.
“Base’s mission is to bring a billion people onchain, and we know we can’t do that alone. We believe a rising tide raises all boats, and we are thrilled to see companies like Sony come onchain. The Superchain will allow builders and users to transact and move across chains easily and affordably, creating a consistent user experience and laying the groundwork for teams everywhere to build a decentralized future. We are looking forward to building toward an onchain future with Soneium,” Pollak told BeInCrypto.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/base-million-daily-active-addresses/