Discover the Rapid Growth of Base Network in Layer 2 Space 🚀
A significant shift has been observed in the Layer 2 network landscape, with Base, the Ethereum Layer 2 network incubated by Coinbase, rapidly gaining traction.
- Base now boasts almost 40% more daily active addresses than the combined total of rival Layer 2 networks – Arbitrum and Optimism.
Increased Network Activity of Base 📈
The recent findings by the crypto analytic platform highlighted Base’s increasing dominance in the Layer 2 space, indicating that it is capturing a larger share of the Ethereum ecosystem’s off-chain transactions.
- Approximately four million active addresses were recorded by Base last week, according to data from Dune Analytics shared by Jesse Pollak, the project’s head.
- The surge in network activity coincided with Base’s “Onchain Summer” campaign, which focuses on promoting development on the platform.
- The “Onchain Summer” event, initiated in 2023 to boost the adoption of its layer-2 network, was a success.
- During the month-long initiative, 268,000 wallets minted over 700,000 NFTs, and more than $242 million in crypto was bridged to Base, attracting over 130,000 unique daily users.
- Building on the success of last year, Base brought back the summer event for 2024 to enhance on-chain creativity and encourage developers to build on the blockchain.
- The initiative, which started in June and will run through August, has allocated 600 ETH, equivalent to around $2 million, in rewards for participants.
Introduction of Base’s On-chain Identities Solution ‘Basenames’ 💼
This week, the Base network introduced “Basenames” to simplify on-chain identities by allowing users to convert complex wallet addresses into readable names.
- Basenames are built on the Ethereum Name Service (ENS) infrastructure and function similarly to subdomains, enabling an ENS domain owner to create and manage multiple subnames.
- This feature aims to enhance user interaction within the Base ecosystem. To maintain fairness, Basenames will be available through a Dutch auction, preventing bots from dominating the name registration process and giving everyone an equal opportunity to secure their desired names.
Hot Take: Stay Updated and Engaged with Base Network 🌐
Immerse yourself in the evolving landscape of Layer 2 networks, particularly the rapid growth of Base in the Ethereum ecosystem. Explore the latest developments, network activities, and innovative solutions introduced by Base to enhance user experiences and drive adoption. Discover how Basenames are simplifying on-chain identities and fostering a more interactive environment within the Base network. Stay informed, engaged, and proactive in exploring the potential opportunities offered by Base as it continues to shape the future of decentralized finance and blockchain technology.
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