Rede Base achieves 40% growth and surpasses its biggest rivals

The battle between Layer 2 networks continues to rage on in the market, and the recent highlight has been Coinbase’s Layer 2, Base. According to the latest data, the network saw a 40% increase in the number of daily active addresses last week.

According to information from IntoTheBlock, the growth was so significant that it surpassed the number of addresses on the Arbitrum and Optimism networks. And this was cumulative, meaning that the Base had more active addresses than these networks combined.

Increased Network Activity from Base

The massive growth observed by IntoTheBlock highlighted Base’s growing dominance in this market. The network is native to Coinbase but runs on the Ethereum blockchain, meaning it is absorbing value from projects on the network.

In terms of addresses, the Base recorded approximately four million active addresses last week. The data was shared by Jesse Pollack, head of the Base.

As the charts show, the surge in network activity coincided with Base’s ongoing “Onchain Summer” campaign, which promotes development on the platform. This event didn’t launch until 2023, but it was immediately successful in increasing network usage.

Over the course of a month, Base saw a significant movement of 268,000 wallets that minted more than 700,000 NFTs. In addition, users sent more than US$242 million in cryptocurrencies, which attracted more than 130,000 unique daily users.

Building on the success of the event in 2023, Base revived the Onchain Summit, which had a new edition in 2024. This time, the network aimed to boost creativity on the network and encourage developers to migrate projects to Base.

According to Base, the event runs until the end of August and has set aside 600 Ethereum (ETH), around $2 million, in rewards for participants.

Base’s on-chain identity solution, “Basenames”

This week, the Base network introduced a service called “Basenames,” an attempt to simplify identities on the blockchain. Much like the Ethereum Name Service (ENS), Basenames allows you to turn wallet addresses into names.

In fact, Basenames work similarly to subdomains, where an ENS domain owner can create and manage multiple subnames. They utilize the ENS structure to create domains on the network.

This feature is expected to improve user interaction within the Base ecosystem. To ensure fairness, Basenames will be offered via a Dutch auction, preventing bots from dominating the name registration process and giving everyone a fair chance to secure their desired names.

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