Coinbase's Layer-2 network, Base, has reached a significant milestone, surpassing 1 million daily active addresses amid a surge in the registration of new "basenames" on its blockchain.
Coinbase's Layer-2 network, Base, has reached a significant milestone, surpassing 1 million daily active addresses amid a surge in the registration of new "basenames" on its blockchain. On August 24, Base recorded an impressive 1.05 million daily active addresses, a figure that has slightly decreased to 1.03 million as of the latest data. This represents a substantial 60% increase in daily active addresses since the beginning of August.
Base's surge in active users coincided with the launch of the "basenames" service on August 21. This new feature, powered by the Ethereum Name Service (ENS) platform, allows users to create personalized Base.eth usernames linked to their wallet addresses, streamlining communication within the network. In just the first week, over 200,000 basenames were minted, a remarkable achievement that underscores the enthusiastic adoption of this service.
The rapid growth in Base's user activity now positions the network ahead of several other prominent Layer-2 protocols. For comparison, Arbitrum, the next closest competitor, reports 394,000 daily active addresses, while Linea and Mantle trail with 198,000 and 69,000, respectively.
As Base experiences a spike in user engagement, the network has also seen a corresponding increase in financial activity. Data from DefiLlama indicates that total trading volume on the Base network has surged over the past five months. Base now accounts for 9.25% of the total decentralized exchange (DEX) volume on the Ethereum network, up from just 2.81% in March.
This growth in both user engagement and trading volume can be attributed, in part, to Base's "Onchain Summer" campaign, an initiative launched in 2023 to drive adoption of the Layer-2 network. The campaign culminated in a record 4 million weekly active addresses on August 20, further cementing Base's growing influence in the Ethereum ecosystem.
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