Coinbase’s Layer 2 network, Base, recently hit a key milestone, reaching over 1 million daily active addresses.
According to data from blockchain analytics platform GrowThePie, the Ethereum layer-2 network surpassed the 1 million mark for the first time on August 24, when its active addresses reached 1.05 million.
Blockchain analytics platform Token Terminal corroborated this information and compared Base’s growth to that of other Layer 2 networks, concluding that Coinbase’s solution outperformed its competitors.
Record transactions
Unsurprisingly, this milestone resulted in a record number of transactions on the network.
Data from GrowThePie shows that Base processed over 4 million transactions in the past 24 hours, while Arbitrum, the largest layer-2 Ethereum network by total value locked, facilitated just 1.97 million transactions in the same period.
Additionally, total trading activity on decentralized exchanges on Base has recently skyrocketed. According to data from DeFillama, the network now accounts for about 10% of the industry’s volume, behind Binance Smart Chain (BSC) but ahead of major layer-1 blockchain networks like Avalanche and Tron.
Notably, Token Terminal said that the Base network accounts for 84% of daily active addresses on Uniswap, the industry’s largest decentralized exchange.
Market analysts have highlighted the significance of these numbers, noting Base’s high adoption despite the lack of a native token, unlike other Layer 2 networks. Instead, Base has been able to attract more and more users to its platform thanks to its seamless interoperability features and the introduction of several innovations.
This has allowed it to become the second-largest Ethereum layer-2 network within a year of its launch. Data from L2Beats shows that its market share stands at around 17%, with a total value of assets locked on it of $6.3 billion.
Launch of basic names
At the same time, these important steps coincide with the recent launch of Basenames on the network.
On August 21, Base launched Basenames, which allows users to purchase a name tied to their Base wallet addresses. The service, built on the Ethereum Name Service platform, aims to improve communication between users on Base.
On August 26, Jesse Pollak, Base’s lead developer, announced that Basenames had attracted 200,000 users in its first week. Pollak also revealed that the network was exploring the use of multi-address domains with Basenames, allowing users to link multiple addresses to a single name.
