Base, the Layer 2 blockchain network nurtured by Coinbase, has recently surpassed 1 million daily active addresses. This marks a substantial increase in user engagement with the network.
User Activity Growth
The Base network has seen about 71% growth in user engagement over the past 30 days. On August 24, it recorded 1.05 million active addresses, and 1.03 million the next day. This positions Base ahead of other major Layer 2 networks, with more active addresses than competitors like Arbitrum with 394,000, Linea with 198,000, and Mantle with 69,700.
Impact of Basename on Network Growth
The recent introduction of Basenames also contributed significantly to the network's growth. Basenames allow users to create personalized on-chain identities, simplifying transactions within the Base network. Since their inception, over 200,000 Basenames have been minted, with 177,500 owned by unique users.
Financial Activity and Network Prospects
In addition to the success of Basenames, the Base network shows significant growth in financial activity. The network now handles over 4.3 million daily transactions, with the daily stablecoin transfer volume surging to $4.1 billion, representing a 156% week-over-week increase. The network has captured 9.25% of Ethereum's total decentralized exchange (DEX) volume, showing nearly 50% growth from March. The total value locked (TVL) has reached $6.46 billion, marking a 7.3% increase in ETH terms over the past 30 days.
The growth of Base's ecosystem, driven by innovations like Basenames and increasing DEX activity, signals a bright future for the network as it continues to expand and attract a diverse user base.
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