Coinbase’s layer-2 network, Base, has recently achieved a significant milestone, surpassing 1 million daily active addresses. This surge comes on the heels of the successful launch of its new “basenames” service, which has driven rapid growth across the platform.
Record-Breaking Growth in Active Addresses
On August 24, Base hit a record 1.05 million daily active addresses, a sharp rise from earlier in the month. Although the number slightly dipped to 1.03 million daily active users as of the latest data, this still marks an impressive 60% increase since the beginning of August.
Base’s daily active address count now surpasses several other prominent layer-2 protocols combined. For context, Arbitrum ranks second with 394,000 daily active addresses, followed by Linea with 198,000, and Mantle with 69,000, according to Ethereum L2 data platform growthepie.
The Impact of Basenames
The surge in active addresses coincides with the introduction of the “basenames” service on August 21. This new feature, which allows users to register personalized Base.eth usernames linked to their wallet addresses, has seen over 200,000 names minted within the first week. The Basenames service, powered by the Ethereum Name Service (ENS) platform, simplifies communication between users on the Base network.
To put this into perspective, the Ethereum Name Service currently boasts 1.96 million active ENS names. It took nearly two years for ENS to reach 200,000 registered addresses, a milestone that Basenames achieved in just a week.
Increased Trading Activity on Base
Alongside the growth in active addresses and Basenames, the Base network has also experienced a significant boost in trading volume. Data from DefiLlama reveals that Base now accounts for 9.25% of the total decentralized exchange (DEX) volume on the Ethereum network, a substantial increase from its 2.81% share in March.
This uptick in trading activity follows Base’s “Onchain Summer” campaign, which aimed to drive adoption and engagement on the network. The campaign helped the network achieve a record 4 million weekly active addresses by August 20, underscoring the success of Coinbase’s initiatives to expand the network’s user base.
