Base Network Surges Ahead with 40% More Active Addresses Than Arbitrum & Optimism

Base Network Rapidly Gains Ground in Layer 2 Landscape

There has been a significant shift in the Layer 2 network landscape, with the Coinbase-incubated Ethereum Layer 2 network, Base, rapidly gaining ground. Recent findings by IntoTheBlock reveal that Base now has nearly 40% more daily active addresses compared to the combined total of its rival Layer 2 networks, Arbitrum and Optimism.

Base’s Increased Network Activity

The massive growth observed by the crypto analytics platform underscores Base’s increasing dominance in the Layer 2 space, suggesting that it is capturing a larger share of the Ethereum ecosystem’s off-chain transactions. According to Dune Analytics data shared by Jesse Pollak, head of the project, Base recorded approximately four million active addresses last week.

The surge in network activity coincided with Base’s ongoing “Onchain Summer” campaign, which promotes development on the platform. Initially introduced in 2023 to boost the adoption of its Layer 2 network, the “Onchain Summer” event has been a major success.

• 268,000 wallets minted over 700,000 NFTs during the campaign.
• Over $242 million in crypto was bridged to Base.
• More than 130,000 unique daily users participated.

Onchain Summer 2024: Reviving Success

Building on last year’s success, Base has revived the summer event for 2024, aiming to boost on-chain creativity and encourage developers to build on the blockchain. The initiative, which began in June and runs through August, has allocated 600 ETH, worth around $2 million, in rewards for participants.

Introducing Base’s On-chain Identities Solution: ‘Basenames’

This week, the Base network introduced “Basenames” to simplify on-chain identities by allowing users to convert complex wallet addresses into readable names. Built on the Ethereum Name Service (ENS) infrastructure, Basenames function similarly to subdomains, enabling an ENS domain owner to create and manage multiple subnames.

This feature is expected to enhance user interaction within the Base ecosystem. To ensure fairness, Basenames will be offered through a Dutch auction, preventing bots from dominating the name registration process and giving everyone a fair chance to secure their desired names.