Base, Coinbase's Layer-2 network, has been making headlines with its rapid growth and strong performance in the blockchain space.
Launched in July 2023, Base has quickly carved out a significant presence, rivaling well-established networks like Ethereum and Solana. Here’s a closer look at how Base is shaking things up in the blockchain world.
User Engagement
Daily Active Addresses: Base recently hit an impressive milestone with 1.05 million daily active addresses as of August 24, 2024. This spike in activity, largely driven by the introduction of the “basenames” service on August 21, shows that Base is capturing the attention of the blockchain community.
Even with a slight dip to 1.03 million daily active addresses, the network still saw a 60% growth since early August.
Comparing to Competitors: When you stack Base up against its competitors, the numbers speak volumes. Arbitrum had 394,000 daily active addresses, Linea had 198,000, and Mantle trailed with 69,000. Base is clearly leading the pack in the Layer-2 space.
Hitting Major Milestones
Success with Basenames: The launch of the Basename service was a game-changer. In just the first week, over 200,000 new Base.eth usernames were minted.
This service, powered by the Ethereum Name Service (ENS), allows users to tie a personalized name to their Base wallet address, making network communication smoother and more personal.
Transaction and Wallet Stats: The numbers here are pretty staggering. Base has processed nearly 590 million transactions across 138 million wallet addresses.
With an average block time of just 2 seconds and gas fees under $0.01, Base offers speed and affordability that’s hard to beat.
Rising Trading Volume and Market Presence
DEX Volume and TVL Growth: Trading volume on decentralized exchanges (DEXes) within the Base network has been on an upward trend.
Since March 2024, Base has boosted its share of total DEX volume by 50%, now holding a 9.25% share on Ethereum.
Additionally, Base’s Total Value Locked (TVL) has climbed to $6.46 billion, a 7.3% increase in ETH terms over the past month.
Comparison with Other Networks: Ethereum still leads with a TVL of $9.072 billion, but Base is quickly gaining ground.
Market Growth and Future Outlook
Onchain Profitability: Base isn’t just growing in size; it’s also profitable. With diverse use cases, especially in DeFi and token transfers, Base sets a high bar for Layer-2 networks in terms of profitability.
Looking Ahead: With the successful launch of Basenames and strong user adoption, Base is well-positioned for continued growth. The network’s ability to quickly attract and engage a large user base suggests that there are plenty more innovations to come.
Base's rapid rise is more than just impressive statistics—it’s a clear indicator that Layer-2 networks are the future of blockchain. By offering a secure, low-cost, and user-friendly platform, Base is setting new standards and paving the way for the next generation of decentralized applications. Keep an eye on this one; it’s just getting started.