Base Blockchain, the Layer 2 network launched by Coinbase in 2023, is doing well as “crypto winter” continues.
Nansen’s data shows that the network’s user base is growing and surpassing many blockchains like Avalanche (AVAX), Polygon (POL), and Cronos (CRO).
The number of active addresses reached a record high of more than 1.964 million, compared to 196,000 since the beginning of the year.
Another figure reveals that the number of transactions processed by Base Blockchain jumped to 4.8 million, from less than 300,000 in January.
At the same time, the number of daily deployments on the network reached a record high of nearly 18,000 earlier this month.
On the other hand, as we wrote this week, Avalanche The number of active addresses and transactions has fallen by more than 50% from this year’s highest level.
This growth has occurred as more developers have adopted the network due to its high speeds and low transaction costs.
According to DeFi Llama, Base has 348 dApps in the decentralized finance sector and a total value locked of $1.57 billion, making it the sixth-largest chain. The largest DeFi dApps in its ecosystem are Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue.
It is also the sixth-largest stablecoin network in the ecosystem, with over $1.57 billion. It will likely have more stablecoins when it is included in Tether’s network.
More importantly, Base Blockchain has also become the third-largest chain in the decentralized exchange sector, where its dApps processed $3 billion in volume in the last seven days. This makes it larger than Arbitrum, which processed $2.77 billion.
Developers and users alike appreciate Base for its low gas fees. While its transactions have surged, the amount of gas fees has dropped to $50,425, down from over $2.3 million in March, according to Nansen. Base has only generated $57 million in fees this year, while Ethereum and Tron have generated over $1 billion.
Base’s performance is a good thing for Coinbase, which is losing market share to companies like Crypto.com, Huobi and Bybit.
Coinbase handled $66 billion worth of cryptocurrency volume while the others had over $70 billion in volume.
