Base Leads Layer 2 with 40% More Active Addresses

Base Network’s Rapid Growth and Dominance

According to data from IntoTheBlock, Base’s transaction volume soared by 300% during Q2 2024. The network now outpaces its competitors, Arbitrum and Optimism, in daily active addresses by approximately 40%. This surge in activity highlights Base’s growing dominance in the Layer 2 sector.

Record-Breaking Transactions Highlight Base’s Expansion

Base Network’s rapid expansion can be attributed to several factors:

• In March 2024, Base reported a record-breaking 2.275 million transactions in a single day.
• The network also achieved $730 million in transaction volume on decentralized exchanges (DEXs).
• Base’s total value locked (TVL) increased by over 200% in a matter of days, climbing from $2 billion to $3 billion, and then reaching $4 billion.

This remarkable growth is a testament to Base’s robust infrastructure and the appeal of its offerings. The rapid increase in TVL showcases the network’s ability to attract and retain significant value.

Innovative Developments and Future Prospects

Base Network continues to expand its capabilities with the recent financing of six innovative on-chain projects. The network received over 800 submissions from developers eager to build on the platform, underscoring its attractiveness and growth potential.

Additionally, Base is planning a significant upgrade to its gas capacity. The network aims to raise its gas throughput to 10 million units per second, a substantial increase from its previous target of 1 million units per second. This upgrade is expected to support increased demand and keep Base competitive in the evolving blockchain ecosystem.

Impact on Coinbase and the Ethereum Ecosystem

The success of Base Network also benefits its parent company, Coinbase, which reported total revenue of $1.4 billion in Q2 2024. A significant portion of this revenue is attributed to Base’s profitability. As Base continues to grow, it will play an increasingly vital role in the Ethereum ecosystem and the broader adoption of Web3 technology.