Rede Base breaks new record and surpasses 2 million daily transactions

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Rede Base breaks new record and surpasses 2 million daily transactions
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The second layer Base network, developed by exchange Coinbase, recently witnessed a surge in its activities that saw a significant increase in its daily active addresses. According to data from on-chain analytics platform IntoTheBlock, the network witnessed a record 2 million daily transactions this week.

Along with this record, Base also recorded an increase in daily active addresses. Both can be linked to the launch of Wrapped Bitcoin (cbBTC) and the introduction of the Base Name Service (BNS), which have increased demand on the network.

WBTC is a token backed by real Bitcoin (BTC) widely used in decentralized finance (DeFi) applications. BNS is a protocol that allows the creation of addresses in the Base in a similar way to email addresses, facilitating the sending and receiving of transactions.

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According to Coinbase, the new wrapped token was coded cbBTC and arrived on Base and Ethereum on September 12th. The news comes a few months after the exchange integrated the Lightning Network for BTC transfers on its platform.

Base’s active addresses soar

Like other wrapped tokens, cbBTC is backed 1-to-1 by BTC, and these BTC are held in custody at Coinbase. Users of the token can use it to access various applications and protocols, as well as trade BTC in the DeFi market.

In less than two weeks after its launch, cbBTC gained more than 3,500 users, with an average of US$472 million in BTC settled daily on Base.

The token has contributed significantly to the growth of Base’s daily active addresses, but IntoTheBlock said the hype around BNS is playing an even bigger role. Coinbase launched the service on August 21, allowing users to establish their identity on the network by registering human-readable names for their addresses.

Like the Ethereum Name Service (ENS), BNS ensures a unified name service and blockchain identity experience for everyone on Base.

Less than three days after Coinbase introduced BNS, the number of daily active addresses on Base reached a record high of 1.05 million. Today, more than a month after launch, that number has already doubled and reached the 2 million mark.

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Data from layer 2 analytics platform GrowThePie shows that Base currently accounts for 70% of active addresses among Ethereum-based Layer 2 networks. Next is Arbitrum, which accounts for just 9.6%.