- Base reaches the 1 million daily active wallet milestone.
- It recently surpassed 4 million weekly active wallets.
As a seasoned crypto investor with a knack for recognizing potential in emerging blockchain projects, I must admit that the meteoric rise of Coinbase-launched Ethereum layer-2 Base has left me genuinely impressed. The rapid expansion it’s experiencing is nothing short of extraordinary.
In a remarkable turn of events for the Ethereum layer-2 platform Base, launched by Coinbase, it has seen exceptional growth in adoption this month, surpassing significant milestones and now boasting more than one million daily active wallets. This surge can be attributed to the widespread use of the “Basenames” service, which has gained immense popularity over the last few days.
Base crossed the threshold on August 24 as 1.05 million wallets interacted with the layer-2. It has since dropped but can rise again, considering the numerous developments unfolding on the layer-2. Nevertheless, last week’s growth amounted to a whopping 60% since August started. This uptrend puts Base at the top of the Ethereum layer-2 ecosystem. Its daily usage is followed by Arbitrum, which boasts close to 400,000 daily active addresses. Linea takes third place with about 200,000 addresses and Mantle with 70,000.
In just its first week after launching on August 21st, the name service created by Jesse Pollak, who also developed Base, generated 200,000 usernames due to the surge in usage of Base last week. Excitedly announcing this milestone on X, Pollak declared, “We minted 200K basenames in less than a week!”
Basenames operates using the Ethereum Name Service (ENS), a platform that currently manages over 1.96 million active names. In contrast, it took ENS at least two years to reach 200,000 minted usernames, while Basenames achieved this milestone in just one week.
Base Hit Other Significant Milestones This Month, Too
On top of expanding beyond just filenames, Base is also making strides in other areas. Notably, there’s an increase in activity on decentralized exchanges (DEXs) within its layer-2 network, which now accounts for more than 9% of all trades on Ethereum. This figure signifies a consistent growth trajectory for Base, as it was less than 3% of Ethereum’s trading volume back in March.
As an analyst, I’ve noticed a significant surge in activity on our platform over the past few months, with August being particularly exceptional. This uptick can be attributed to the Onchain Summer program we initiated, designed to attract more developers and users to our chain. The success of this program has played a key role in helping us reach 4 million weekly active wallet addresses just recently.
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2024-08-28 23:08