The silent revolution of account abstraction is amplifying in the crypto ecosystem, with BASE at the forefront. The 'State of Crypto 2024' report reveals astonishing figures, propelling Coinbase's blockchain among the leaders in terms of growth.
The 'State of Crypto 2024' Report and BASE's Role
On October 17, Andreessen Horowitz, a renowned venture capital firm, unveiled its annual 'State of Crypto 2024' report. This study highlights unprecedented crypto adoption, their growing importance in political debate, as well as technological advances revolutionizing the ecosystem. In September, 220 million addresses were active each month, three times more than at the end of 2023. In just a year of existence, BASE has risen to rank among the most active blockchain networks in the world, surpassing established players like Ethereum and Binance.
Account Abstraction and Its Impact
At the heart of BASE’s success lies account abstraction, an innovation that radically simplifies user interaction with the blockchain. This technology allows users to interact with the blockchain without needing to manage complex private keys or pay gas fees, significantly reducing entry barriers for new users.
Democratization and Use Case Prospects
The ease of use brought by account abstraction paves the way for new innovative applications on BASE, from blockchain games to decentralized social networks and sophisticated financial tools. This excitement is attracting more and more developers, with 10.7% of crypto project founders declaring building on BASE in 2024, compared to 7.8% the previous year. Although BASE is still young compared to more established networks, its growth trajectory suggests a bright future. Continuous infrastructure improvements, notably the drastic reduction of transaction costs, reinforce its appeal.
Account abstraction, embodied by the success of BASE, is emerging as a major trend that could reshape the future of crypto. By simplifying access and use of blockchain technologies, it paves the way for massive adoption that could finally realize the promise of a web3 accessible to all.