Coinbase’s Ethereum layer-2 network, Base, has reached a new milestone with over 1 million daily active addresses, driven by the rapid adoption of its new ‘basenames’ service.
At the time of this report, Base has approximately 1.03 million daily active addresses. This represents a 60% increase in daily active addresses since the beginning of August 2024.
Currently, Base outpaces several other Layer 2 protocols in daily active addresses:
- Arbitrum, the second-largest by this metric, has 394,000, while
- Linea has 198,000, and
- Mantle has 69,000
according to data from the Ethereum L2 analytics platform, GrowThePie.
The surge in daily active addresses follows the launch of the ‘basenames’ service on August 21 2024.
allow me to reintroduce myself, my name is… pic.twitter.com/wFZrmvD68l
— jesse.base.eth (@jessepollak) August 21, 2024
Jesse Pollak, the creator of Base, reported that over 200,000 new Base.eth usernames were minted within the first week of the service’s launch. Basenames, powered by the Ethereum Name Service (ENS) platform, allow users to acquire names linked to their Base wallet addresses, facilitating easier communication within the network.
In contrast, there are currently 1.96 million active ENS names, with ENS taking nearly two years to reach 200,000 registered addresses.
Demand for Web3 Domain Names on the Rise as Ethereum Naming Service (ENS) Crosses 1 Million Registrations https://t.co/2rfEVxiInL $ENS @ensdomains
— BitKE (@BitcoinKE) May 9, 2022
Alongside the success of Basenames, Base has also experienced a boost in financial activity. Data from DefiLlama shows that total trading volume on the Base network has surged over the past 5 months.
Base now holds a 9.25% share of the total decentralized exchange (DEX) volume on Ethereum, a significant increase from 2.81% in March 2024.
Additionally, the network achieved a record of 4 million weekly active addresses during its ‘Onchain Summer’ campaign.
🇿🇲🇳🇬LIST | Two African Projects Among Winners in the 2024 Base OnChain Buildathon
Zambian 🇿🇲 project, Lusaka Unplugged, and Nigerian 🇳🇬 project, Web3 to High School Leavers, were among the announced winners in the recent Base Onchain Summer Buildathon.
According to Base, Over… pic.twitter.com/cMxMPKmmvI
— BitKE (@BitcoinKE) August 5, 2024
Launched in 2023, the ‘Onchain Summer’ event aims to drive greater adoption of the layer-2 network.
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About Base
Base is a secure, low-cost, builder-friendly Ethereum L2 protocol.
Base is powered by Optimism’s OP Stack, making it one of the most secure, scalable EVM L2s out there.
The OP Stack is an open-source public good that will serve as the foundation for a “superchain” of L2s that share interoperability, sequencing, and governance.
Base is incubated within Coinbase and plans to progressively decentralize in the years ahead.
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