Base Network Overtakes Arbitrum and Optimism with 40% More Active Addresses

There has been a significant shift in the layer 2 network landscape lately, with Base, the ethereum layer 2 network incubated by Coinbase, rapidly gaining traction.

According to the latest findings from IntoTheBlock, Base now boasts nearly 40% more daily active addresses compared to the combined total of rival Layer 2 networks Arbitrum and Optimism.

Increased activity of the Base network

Massive growth observed by crypto analytics platform x.com/intotheblock/status/1826528818644832477″ target=”_blank” rel=”noopener” data-wpel-link=”external”>Outstanding Base’s growing dominance in the Layer 2 space, suggesting it is capturing a larger portion of off-chain transactions in the ethereum ecosystem.

Base x.com/jessepollak/status/1825675029138518236″ target=”_blank” rel=”noopener” data-wpel-link=”external”>recorded approximately four million active addresses last week according to data from Dune Analytics shared by Jesse Pollak, head of the project.

The surge in network activity coincided with Base’s ongoing “Onchain Summer” campaign, which promotes development on the platform. The “Onchain Summer” event, which was first introduced in 2023 to boost adoption of its layer-2 network, proved to be a success.

Over the course of the month-long initiative, 268,000 wallets minted over 700,000 nfts and over $242 million worth of cryptocurrency was transferred to Base, attracting over 130,000 unique users daily.

Building on last year’s success, Base has revived the summer event for 2024, aiming to boost on-chain creativity and encourage developers to build on the blockchain. The initiative, which began in June and will run through August, has set aside 600 eth, worth around $2 million, in rewards for participants.

Base's chain identity solution: 'Basenames'

This week, the Base network x.com/base/status/1825619708093362321″ target=”_blank” rel=”noopener” data-wpel-link=”external”>inserted

“Base names” are an attempt to simplify on-chain identities by allowing users to convert complex wallet addresses into readable names. Base names are built on the ethereum Name Service (ENS) infrastructure and function similarly to subdomains, where the owner of an ENS domain can create and manage multiple subnames.

This feature is expected to improve user interaction within the Base ecosystem. To ensure fairness, Base names will be offered through a Dutch auction, which will prevent bots from dominating the name registration process and give everyone a fair chance to get the names they want.

<!– ai CONTENT END 1 –>