Base, a Layer-2 (L2) scaling solution on Ethereum has surged its competitors behind. It has become successful in leading in key metrics that indicate its rate of growth and popularity in the market.
In the past month, Base reported a 19% rise in activity levels of addresses reaching 13.2 million. This growth was faster than major competitors such as Arbitrum One, Optimism, and zkSync, which experienced a decline in their active user bases.
The Base also leads in 30-day transaction count with 110.28 million transactions, surpassing the other Ethereum L2 networks. This figure is more than double that of Arbitrum One, which recorded the most transactions with 52.41 million during the same period.
Factors such as the successful completion of the “basenames” service on the Base network can explain the growth of active addresses and the number of transactions. This new feature attracted over 200,000 new Base.eth usernames within the first week of launch.
Base, introduced in July 2023, by Coinbase aims to increase the scalability of Ethereum while preserving the security. Its exponential growth is not only the great success story that Coinbase has to offer but is also a positive sign for Ethereum’s ecosystem. Base is growing and it has the potential to be a major player in the future of DeFi and blockchain.
Activity on Base can also increase the price of Ethereum because users gather ETH for paying gas fees. Currently, Ethereum is at $2,625, which is a common situation with the fluctuation of the crypto market.
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