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Coinbase’s layer-2 network, Base, has achieved a significant milestone, surpassing 1 million daily active addresses. This surge in user activity can be attributed to the recent launch of the “basenames” service, which has seen over 200,000 new usernames minted in just one week.
The growth of Base has been remarkable. Since the beginning of August, the network has experienced a 60% increase in daily active addresses, outpacing other leading layer-2 protocols like Arbitrum and Linea.
The introduction of basenames, powered by the Ethereum Name Service (ENS), has made it easier for users to interact with each other on the Base network. By purchasing a name tied to their wallet address, users can communicate and transact more seamlessly.
In addition to the growth in user activity, Base has also witnessed a surge in financial activity. The total trading volume across the network has accelerated significantly in recent months, with Base now accounting for nearly 10% of total DEX volume on Ethereum.
The “Onchain Summer” campaign, launched in 2023, has played a crucial role in driving adoption for the Base network. This initiative has helped to attract new users and stimulate activity on the blockchain.
Also Read: Terraform Labs’ Final Upgrade and Transition to Community-Driven Governance
As Base continues to grow and evolve, it is poised to become a major player in the layer-2 landscape. The combination of increased user activity, growing financial activity, and innovative features like basenames make Base a compelling option for developers and users alike.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
