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27/08/24
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Coinbase’s Base Network Surpasses 1 Million Daily Active Addresses, Fueling Layer-2 Engagement
The Base layer-2 network developed by Coinbase has recently surpassed 1 million daily active addresses, reflecting a significant increase in engagement within the platform. On August 24, the network registered a peak of 1.05 million daily active addresses, which has slightly adjusted to approximately 1.03 million as of the latest figures available. This marks an impressive growth of 60% in daily active addresses since the beginning of August and positions Base ahead of several competing protocols combined.
In a comparative analysis, Arbitrum follows with around 394,000 daily active addresses, whereas Linea and Mantle report approximately 198,000 and 69,000, respectively. This noteworthy achievement underscores Base’s rising prominence in the Ethereum layer-2 ecosystem, particularly as it is experiencing a substantial influx of users.
A key driver behind this surge is the introduction of the “basenames” service on August 21, which allows users to mint names associated with their Base wallet addresses. The service has already seen the minting of over 200,000 unique Base.eth usernames within just one week of its launch. This new feature, powered by the Ethereum Name Service, facilitates easier interaction among users, enhancing the overall user experience on the network.
In addition to user growth, the Base network has also experienced an uptick in trading activity. Recent data highlights that the total trading volume on Base has notably increased over the past five months. Base now captures approximately 9.25% of the total decentralized exchange (DEX) volume on Ethereum, climbing from a mere 2.81% in March. The network also achieved a remarkable milestone of 4 million weekly active addresses during its promotional “Onchain Summer” event, which was designed to encourage wider adoption of the platform.
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