Base Network Surpasses Arbitrum and Optimism with 40% More Active Users
In the rapidly evolving landscape of Layer 2 networks on Ethereum, one platform has emerged as a clear frontrunner in terms of user activity. Base, a network incubated by Coinbase, has been making significant strides in the space, outperforming its competitors Arbitrum and Optimism by nearly 40% in terms of daily active addresses.
The latest data from IntoTheBlock reveals that Base has seen a substantial increase in network activity, with a growing number of users choosing to transact on its platform. This surge in adoption has positioned Base as a dominant player in the Layer 2 ecosystem, capturing a larger share of off-chain transactions within the Ethereum network.
According to Jesse Pollak, the head of the Base project, the platform recorded approximately four million active addresses last week, showcasing a remarkable growth trajectory. This uptick in user engagement can be attributed to Base’s ongoing “Onchain Summer” campaign, which aims to promote development and adoption on the network.
The success of the “Onchain Summer” initiative has been evident, with over 268,000 wallets minting more than 700,000 NFTs and over $242 million in crypto being bridged to Base. This influx of activity has attracted more than 130,000 unique daily users to the platform, solidifying Base’s position as a leader in the Layer 2 space.
Reviving the successful event from the previous year, Base has launched the “Onchain Summer” campaign for 2024, offering participants the opportunity to engage in on-chain creativity and incentivizing developers to build on the blockchain. With a reward pool of 600 ETH, valued at around $2 million, Base is set to drive further innovation and growth within its ecosystem.
One of the key developments on the Base network is the introduction of “Basenames,” a solution designed to simplify on-chain identities for users. By allowing individuals to convert complex wallet addresses into readable names, Basenames enhance user interaction within the platform. Leveraging the Ethereum Name Service (ENS) infrastructure, Basenames operate similarly to subdomains, enabling ENS domain owners to create and manage multiple subnames.
To ensure fairness in the allocation of Basenames, Base has implemented a Dutch auction system that prevents bots from monopolizing the name registration process. This approach guarantees that all users have an equal opportunity to secure their desired names, fostering a more inclusive and user-friendly environment on the network.
Base’s Continued Growth and Innovation
As Base continues to expand its user base and enhance its offerings, the platform remains committed to driving innovation and fostering a thriving ecosystem for developers and users alike. With a focus on community engagement and user-centric design, Base is poised to maintain its momentum and solidify its position as a leading Layer 2 network on Ethereum.
The platform’s emphasis on on-chain creativity and developer incentives has proven to be a winning strategy, attracting a diverse range of users and driving increased activity on the network. By leveraging events like “Onchain Summer” and introducing features like Basenames, Base is setting a new standard for user experience and engagement in the Layer 2 space.
Looking Ahead: The Future of Base Network
As Base continues to innovate and expand its offerings, the future looks bright for the network and its growing community of users. With a strong focus on user empowerment and decentralized solutions, Base is well-positioned to drive further adoption and growth in the Layer 2 ecosystem.
By prioritizing user experience, transparency, and community engagement, Base is set to redefine the landscape of Layer 2 networks on Ethereum and beyond. With ongoing developments and initiatives aimed at enhancing the platform’s capabilities and user offerings, Base is poised to lead the way in the evolution of decentralized finance and blockchain technology.
In conclusion, Base’s impressive performance in terms of active users and network activity underscores the platform’s growing dominance in the Layer 2 space. With a commitment to innovation, community engagement, and user-centric design, Base is paving the way for a new era of decentralized finance and blockchain technology.
