Base Extends Ethereum L2 Dominance with Key Metric

Base Outpaces Ethereum L2 Rivals with Key Metric

Coinbase’s Base is now leading other Layer-2 (L2) scaling solutions on the Ethereum network in a critical metric—active addresses. Within the past month, Base has surpassed its competitors, becoming the top Ethereum L2 by active addresses.

Launched in July 2023, Base aims to enhance Ethereum’s accessibility while maintaining the security of the main chain. This surge in active addresses comes just weeks after Ethereum L2s collectively hit a record 12.52 million total transactions.

Base Dominates Ethereum L2 Networks in Active Addresses

According to growthepie data, the number of active addresses on Base has skyrocketed by 19% in the last 30 days, reaching 13.2 million. In the past 24 hours alone, Base has registered over 882,000 new active addresses. This impressive growth has positioned Base ahead of top competitors like Arbitrum One, Linea, Optimism, Mantle, and zkSync Era.

• Arbitrum One: 3.6 million active addresses
• Linea: 1.44 million active addresses
• Optimism: 1.07 million active addresses
• zkSync Era: 723,450 active addresses

While Base saw a rise in active addresses, other Ethereum L2s experienced declines over the past month. zkSync Era witnessed the largest drop at 41.3%, followed by Arbitrum One with a 37.6% decrease. Optimism and Linea saw declines of 26.7% and 24.4%, respectively.

The boost in Base’s active addresses can be partially attributed to the launch of the “basenames” service on the network. Jesse Pollak, the creator of the Base protocol, noted that over 200,000 new Base.eth usernames were minted in the first week of the service’s launch.

Base Leads in 30-Day Transaction Count

Base is also the top-performing L2 in terms of the 30-day transaction count, with a staggering 110.28 million transactions. This figure surpasses Arbitrum One’s transaction count of 52.41 million by over 50 million. Mantle ranks third with 15.93 million transactions, followed by Optimism with 14.52 million during the same period.

The surge in Base’s active addresses and transaction count aligns with the network surpassing the $6 billion mark in Total Value Locked (TVL).

According to L2BEAT, Base recorded 48.70 Transactions Per Second (TPS) in the past 24 hours, second only to Xai’s 120.36 TPS. It’s worth noting that Xai is an Ethereum Layer-3, leveraging Arbitrum AnyTrust to enable open trade in the next generation of video games.

Benefits for Coinbase and Ethereum

Base’s recent achievements in key metrics are particularly significant, given its launch just over a year ago. The growth on the Base network offers substantial benefits for both Coinbase and Ethereum (ETH). For Coinbase, it may attract more users to interact with the exchange as it continues its expansion efforts.

For Ethereum, this growth could potentially lead to an increase in price as traders and investors accumulate ETH for use as gas fees. As Ethereum’s price has been consolidating for a while, the positive momentum on Base could bode well for its future.

As of this writing, ETH is trading at $2,625, down by 4.2% in the past 24 hours.