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Coinbase’s Base network launched a new “basenames” service, reaching over 1 million daily active addresses. The achieved figure highlights the network’s growth potential, with a noticeable increase in user numbers. Simultaneously, the momentum in financial activity strengthens Base’s position in the cryptocurrency world.
Significant Success in a Short Time
Coinbase’s Layer-2 network, Base, achieved significant success in a short time. The network reached 1.05 million daily active addresses on August 24, setting a new record. The remarkable rise is linked to the interest brought by the “basenames” service introduced on August 21. However, a slight decrease in active addresses occurred a few days later, dropping to 1.03 million. Still, the 60% growth recorded since the beginning of August shows the network’s rapidly increasing popularity.
Base’s success allowed it to surpass other major Blockchain networks. For instance, Arbitrum had only 394,000, Linea 198,000, and Mantle 69,000 daily active addresses, falling behind Base. Amid the enthusiastic competition, the minting of over 200,000 new Base.eth usernames gave the Base network significant momentum. Users strengthened their presence on the network by acquiring names linked to their wallet addresses through the Ethereum Name Service platform.
Growth in Financial Activities
The Base network exhibited significant growth not only in user numbers but also in financial activities. According to DefiLlama data, the total trading volume on the Base network showed a substantial increase over the past five months. In March, Base had 2.81% of the decentralized exchange (DEX) volume on Ethereum, increasing this share to 9.25%, thereby enhancing its strength.
Base’s success was also crowned by the “Onchain Summer” campaign. Thanks to this event, the network set another record with 4 million weekly active addresses. Launched in 2023, the campaign aimed to increase Base’s adoption and has rapidly achieved this goal.
Coinbase’s Base network seems poised to continue making waves in the crypto world with its user numbers and financial activity. The rapid rise suggests the network’s future potential will increase even further.
