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Base L2 Network Surpasses 1.2M Active Addresses

Coinbase's Base network experiences unprecedented growth, attracting millions of users and reshaping the Ethereum landscape.

1 min 05 secAugust 26, 2024

Highlights:

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User Engagement: Daily active addresses exceed 1.2 million.

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Incentives: Onchain Summer campaign offers $2 million in prizes.

Base L2 Network Surpasses 1.2M Active Addresses

Coinbase's Ethereum layer-2 network, Base, has recently achieved a remarkable milestone by surpassing 1.2 million daily active addresses. This impressive figure, recorded on July 22nd, 2024, more than doubles the active addresses of its closest competitors, Arbitrum and Optimism, which recorded 494,214 and 445,222 respectively. The rapid growth in user engagement on Base underscores the increasing adoption and popularity of the platform.

 

 

Base's success story began in August 2023 when the network became publicly available. Since then, it has quickly risen to become a key player in the Ethereum layer-2 ecosystem. The network's total value locked (TVL) has also seen a significant surge, with a 60% increase over the past three months, currently standing at $7.3 billion as of July 23rd.

 

The record-breaking active addresses on Base coincide with the ongoing Onchain Summer campaign, an initiative aimed at driving ecosystem-wide adoption. Coinbase and its partners are offering over 600 ETH ($2 million) in prizes, grants, and gas credits to attract builders and creators to the Base network.

 

 

Additionally, Base has made headlines for its innovative on-chain donations platform designed to enable US politicians to accept crypto contributions directly on the network.

 

As the Base network continues to gain momentum, it remains to be seen how it will shape the future of the Ethereum layer-2 ecosystem. With its strong growth trajectory and innovative initiatives, Base is poised to play a significant role in driving mainstream adoption of blockchain technology.

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