According to Cointelegraph, Coinbase's layer-2 network, Base, has achieved a significant milestone by surpassing 1 million daily active addresses. On August 24, Base recorded a peak of 1.05 million daily active addresses, slightly decreasing to 1.03 million at the time of publication. This marks a 60% increase in daily active addresses since the beginning of August.
The surge in daily active addresses has positioned Base ahead of other protocols. Arbitrum, the second-highest, has 394,000 daily active addresses, followed by Linea with 198,000 and Mantle with 69,000, as per data from Ethereum L2 data platform growthepie.
The increase in daily active addresses coincides with the launch of the 'basenames' service on August 21. Jesse Pollak, the creator of Base, reported that over 200,000 new Base.eth usernames were minted within the first week of the service's launch. Powered by the Ethereum Name Service platform, Basenames allow users to purchase a name linked to their Base wallet address, facilitating easier communication on the network. In comparison, the Ethereum Name Service (ENS) has 1.96 million active names, taking nearly two years to reach 200,000 registered addresses.
In addition to the rise in Basenames, the Base network has seen increased financial activity. Data from DefiLlama indicates that the total trading volume on the Base network has surged over the past five months. Base now holds a 9.25% share of the total decentralized exchange (DEX) volume on Ethereum, up from 2.81% in March.
The network also recorded 4 million weekly active addresses during its 'Onchain Summer' campaign on August 20. The 'Onchain Summer' event, launched in 2023, aims to drive adoption of the layer-2 network.
