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Coinbase's layer-2 network, Base, has achieved a significant milestone with over 1 million daily active addresses, marking a notable increase in user engagement and network activity. On August 24, Base reached a peak of 1.05 million daily active addresses, although this figure has slightly decreased to 1.03 million at the time of publication. This represents a 60% growth in daily active addresses since the beginning of August.
{Coinbase} layer-2 network Base has topped 1 million daily active addresses amid a massive surge in the number of new “basenames” registered on the blockchain. Base’s rapid growth has placed it ahead of several other prominent layer-2 protocols. For instance, Arbitrum, the second-largest by daily active addresses, reports approximately 394,000 daily users. Linea follows with 198,000, while Mantle has 69,000, as per data from the Ethereum L2 data platform Growtopia.
The surge in daily active addresses is largely attributed to the introduction of the “basenames” service, which launched on August 21. This new feature, powered by the Ethereum Name Service (ENS) platform, allows users to register custom Base.eth usernames linked to their wallet addresses, facilitating more straightforward communication within the network. In its first week, over 200,000 Basenames were minted, reflecting a strong initial uptake. For comparison, ENS took nearly two years to reach 200,000 registered names, and there are currently 1.96 million active ENS names.
Additionally, Base has seen an increase in financial activity. According to DefiLlama data, the total trading volume on the Base network has risen significantly over the past five months. As of now, Base accounts for 9.25% of the total decentralized exchange (DEX) volume on Ethereum, up from 2.81% in March. The network also achieved a record 4 million weekly active addresses during the “Onchain Summer” campaign, which was launched to promote broader adoption of the layer-2 network.
Overall, Base’s recent developments and growing user base highlight its expanding influence in the Ethereum ecosystem.
