Base Network Surpasses 1M Daily Active Addresses with 71% Growth

• Base network surpasses 1M daily active addresses marking a surge in user engagement.
• The introduction of Basenames contributes to the significant growth in the network.

Base, the Layer 2 blockchain network nurtured by Coinbase, has recently surpassed 1 million daily active addresses. This marks a substantial increase in user engagement with the network growth of about 71% in the past 30 days. On Aug 24, Base recorded, 1.05 million active addresses and 1.03 million the next day.

This positions Base ahead of other major Layer 2 networks, with more active addresses than all its competitors. For example, Arbitrum, another leading Layer 2 solution, had 394,000 active addresses, while Linea and Mantle had 198,000 and 69,700, respectively.

The recent introduction of Basenames, a service that allows users to create personalized on-chain identities on the Base network. It is built on Ethereum Name Service (ENS) and mainly focuses on simplifying the transactions within the ecosystem. Since their inception, over 200,000 Basenames have been minted, with 177,500 owned by unique users.

In addition to the success of Basenames, Base has seen significant growth in financial activity. The network now handles over 4.3 million daily transactions. Its daily stablecoin transfer volume has surged to $4.1 billion, representing a 156% increase week-over-week.

Base’s Growth Fueled by DEX Surge, and “Onchain Summer” 

Moreover, Base has captured 9.25% of Ethereum’s total decentralized exchange (DEX) volume, up from 2.81% in March, showing nearly a 50% growth. Base’s transaction costs remain low, with median costs at just $0.002, further contributing to its attractiveness to users. 

The network’s total value locked (TVL) has also increased by 7.3% in ETH terms over the past 30 days, reaching $6.46 billion. This puts Base second to Arbitrum in terms of TVL, highlighting its rapid climb in the Ethereum Layer 2 landscape.

The spike in the network coincided with the “Onchain Summer” campaign, Base’s ongoing project that promotes development on the platform. It was introduced in 2023 to boost its Layer-2 network adoption and the event has turned out to be a hit.

The growth of Base’s ecosystem, driven by innovations like Basenames and increasing DEX activity, signals a bright future for the network as it continues to expand and attract a diverse user base.

Highlighted Crypto News Today:
Will Solana Whales’ Activity Drive It Above $200?