Coinbase’s Base Network Surpasses 1 Million Daily Active Addresses

Coinbase’s cutting-edge Layer-2 network, known as Base, has reached a remarkable milestone, surpassing 1 million daily active addresses. The launch of the new “basenames” service played a crucial role in achieving this goal, showcasing the network’s rapid expansion and growing user engagement. This significant increase in activity has reinforced Base’s standing in the highly competitive sphere of cryptocurrency.

What Fueled This Rapid Growth?

The impressive progress of Base is primarily linked to the rollout of its “basenames” service on August 21, which has driven a marked increase in user participation. By August 24, the number of daily active addresses reached an astounding peak of 1.05 million, though a slight drop to 1.03 million was noted in the following days. Nevertheless, this minor decrease does not overshadow the fact that the network witnessed a staggering 60% growth rate since the beginning of August, indicating a sustained and robust upward movement.

Which Networks Lag Behind?

Base’s impressive growth rate has enabled it to significantly outshine other prominent blockchain networks. For instance, Arbitrum recorded 394,000 daily active addresses, Linea registered 198,000, and Mantle only managed 69,000 addresses—all lagging behind Base’s impressive figures. Additionally, the creation of over 200,000 new Base.eth usernames through the Ethereum Name Service platform has provided the Base network with even more momentum.

Key Takeaways for Users

• Utilize the “basenames” service to strengthen your network presence.
• Keep an eye on the rapid increase in daily active addresses for potential investment opportunities.
• Consider the significant growth in financial activities on the network as a factor for potential transactions.

In addition to the user growth, the Base network has also experienced noteworthy increases in its financial activities. According to reports from DefiLlama, Base’s share of decentralized exchange (DEX) volume on Ethereum surged from 2.81% in March to an impressive 9.25%, reflecting enhanced trading activity and overall network strength.

The “Onchain Summer” campaign has further propelled Base’s ascent, leading to another record of 4 million weekly active addresses. Initiated in 2023, this campaign was designed to foster network adoption, and the results speak for themselves.

Coinbase’s Base network appears set for a lasting impact within the cryptocurrency landscape, driven by its burgeoning user base and robust financial engagements. This rapid growth hints at promising future prospects for the network. I encourage readers to share their thoughts on the development of Base and its implications for the cryptocurrency market. Engaging in dialogue can provide additional insights into the potential trajectory of this innovative network.