Coinbase’s Ethereum Layer 2 solution,
Base, has reached a major milestone by surpassing
1 million daily active addresses for the first time. This achievement highlights Base's rapid growth and its emerging dominance in the Layer 2 network landscape.
Record-Breaking Growth
Over the past weekend, Base recorded 1.05 million active addresses on Saturday and 1.03 million on Sunday, marking a
71% increase in active users over the last 30 days. This surge in activity has placed Base ahead of its competitors, including Arbitrum, Linea, and Mantle, in terms of active address count.
The Impact of “Basenames”
A significant contributor to this growth has been the introduction of
Basenames—personalized onchain identities unique to the Base network. Built on the Ethereum Name Service (ENS) infrastructure, Basenames simplify user interactions within the ecosystem. Since their launch, over 200,000 Basenames have been minted, with the majority owned by unique users.
Increasing Trading Volume and TVL
In addition to the success of Basenames, Base has seen a sharp increase in its decentralized exchange (DEX) trading volume. Since March, Base's share of total DEX volume has grown by nearly 50%, rising from 6.4% to 9.5%. Moreover, the total value locked (TVL) on Base has increased by 7.3%, now standing at $6.46 billion, making it one of the leading Layer 2 networks by TVL.
Base's rapid expansion underscores its potential to continue growing as more users and projects adopt its network, further solidifying its place in the competitive Layer 2 landscape.
Read more at Unchained Crypto.
