Coinbase’s layer-2 network Base has recently reached a major milestone, surpassing over 1 million daily active addresses. This achievement was reported by blockchain analytics platform GrowThePie, which revealed that on August 24, the Ethereum layer-2 network hit 1.05 million active addresses.
Comparing Base’s growth to other layer-2 networks, Token Terminal confirmed that Coinbase’s solution has outperformed its competitors. The data showed that Base has seen record-high transactions, processing over 4 million transactions in the last 24 hours. In comparison, Arbitrum, the largest Ethereum layer-2 network by total value locked, only facilitated 1.97 million transactions during the same period.
The network’s decentralized exchange has also experienced a surge in trading activity. According to DeFillama’s data, Base now accounts for approximately 10% of the sector’s volume, ranking behind Binance Smart Chain (BSC) but ahead of other major layer-1 blockchain networks like Avalanche and Tron. Notably, Token Terminal highlighted that Base network represents 84% of the daily active addresses on Uniswap, the largest decentralized exchange in the industry.
Market analysts have emphasized the significance of Base’s strong adoption, despite not having a native token like other layer-2 networks. The network’s seamless interoperability features and introduction of various innovations have attracted a growing number of users, propelling it to become the second-largest Ethereum layer-2 network within a year of its launch. L2Beats data shows that Base currently holds a market share of around 17%, with a total value of assets locked at $6.3 billion.
Coinciding with these milestones, Base recently launched Basenames on August 21. This feature allows users to purchase a name linked to their Base wallet addresses, enhancing communication between users on the network. Lead developer Jesse Pollak announced that Basenames had attracted 200,000 users in its first week and revealed plans to explore multi-address domains with Basenames, enabling users to link multiple addresses to a single name.
Overall, Base’s rapid growth and innovative features have solidified its position as a leading Ethereum layer-2 network, setting a high standard for competition in the space.
