Base Network Surpasses 1 Million Daily Active Addresses for the First Time

Coinbase’s Ethereum Layer 2 solution achieved a major milestone, reaching over 1 million daily active addresses this weekend, more than all other major Layer 2 networks combined.

Base, the Layer 2 network incubated by Coinbase, hit a significant milestone over the weekend when it surpassed one million daily active addresses for the first time. The network recorded 1.05 million active addresses on Saturday and maintained this momentum with 1.03 million active addresses on Sunday. This represents a 71% increase in active addresses over the past 30 days, according to data from growthepie.

This surge in activity has positioned Base well ahead of other major Layer 2 networks, with more active addresses than all its competitors combined. As of the weekend, Arbitrum had 394,000 active addresses, Linea 198,000, and Mantle 69,700, among others.

Several factors contributed to this growth, including the recent launch of “Basenames” last week. Basenames are personalized onchain identities built on the Ethereum Name Service (ENS) infrastructure, but specific to the Base network. These names simplify interactions within the Base ecosystem. Since their launch, over 200,000 Basenames have been minted, with 177,500 (89%) of them owned by unique users.

Learn more: Ethereum Name Service (ENS) Explained: A Guide to .ETH Domains

In addition to the success of Basenames, Base’s trading volume on decentralized exchanges (DEXes) has been on the rise. Since March 16, Base has increased its share of total DEX volume from 6.4% to 9.5%, marking a nearly 50% growth, as per DefiLlama.

Meanwhile, the market cap of all stablecoins on Base has grown by 15% in the past 30 days, and its total value locked (TVL), when measured in ETH, has increased by 7.3%. In dollar terms, Base’s TVL stands at $6.46 billion, second only to Arbitrum, which has a TVL of $15.7 billion, as reported by L2BEAT.

Read more: Base TVL Hits $4 Billion as Transactions Per Second Surpass Ethereum