Coinbase’s layer-2 network, Base, has reached over 1 million daily active users. This surge comes as a significant increase in the number of new “basenames” registered on the blockchain.
Base saw a rise in activity, reaching 1.05 million daily active users on Aug. 24. Although this number has dipped slightly to 1.03 million, it’s still a significant 60% increase since the beginning of August.
Following a recent user surge, Base now has more daily active addresses than several other major protocols combined. In comparison, Arbitrum comes in second with 394,000 daily active addresses, followed by Linea with 198,000 and Mantle with 69,000, according to data from the Ethereum L2 platform GrowThePie.
More than 200,000 Basenames issued
A rise in new daily active addresses occurred after the launch of the “basenames” service on the blockchain network on Aug. 21. Base creator Jesse Pollak shared over 200,000 new Base.eth usernames were created within the first week of the service going live.
Basenames, powered by the Ethereum Name Service, let users buy a name linked to their Base wallet address, making it easier to connect with others on the network. Moreover, there are about 1.96 million active ENS names. It took almost two years for ENS to hit the milestone of 200,000 registered addresses.
Base network trading volume rises
As Basenames gain popularity, the Base network is also seeing a rise in financial activity. Recent data from DefiLlama shows that trading volume on the network has surged over the past five months. It now holds a 9.25% share of all DEX trading volume on Ethereum, a significant increase from just 2.81% in March.
The layer-2 blockchain just hit a milestone with 4 million weekly active addresses during its “Onchain Summer” campaign on Aug. 20. Additionally, Base kicked off the “Onchain Summer” event in 2023 to boost the adoption of the layer-2 network.
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