The Coinbase-supported layer-2 network, Base, has made a remarkable leap in the race for dominance among Ethereum scaling solutions this April. Surpassing Arbitrum in terms of active addresses, Base has showcased a significant uptick in user engagement, signaling a shifting landscape in the layer-2 ecosystem.
A Tight Race in the Layer-2 Arena
With an impressive tally of over 1.48 million new active addresses in the first nine days of April, Base narrowly edged out Arbitrum One, which reported 1.43 million active addresses. This surge propels Base to the forefront of Ethereum layer-2 networks, highlighting its growing appeal within the crypto community.
zkSync Era and Optimism’s mainnet follow suit, recording 1.21 million and 650,000 active addresses, respectively. Despite this monthly milestone, Arbitrum One still holds a slender margin over Base in the 30-day active address count, with 3.84 million versus Base’s 3.76 million.
Shifting Dynamics and Value Locked
The dynamic shift in active addresses is mirrored in the total value locked (TVL) within these protocols. Base recently crossed the $4 billion mark in TVL, positioning itself as a strong contender behind Arbitrum One and the Optimism mainnet. Furthermore, Base boasts the highest transaction count over the past 30 days, significantly surpassing both Arbitrum and Ethereum with 53.1 million transactions.
Memecoin Mania and Security Concerns
A notable driver behind Base’s surge in activity is the proliferation of memecoins on the network, such as Brett (BRETT) and Degen (DEGEN), which command substantial market caps. This memecoin mania, while contributing to Base’s popularity, has also attracted unwanted attention from scammers. The network experienced an alarming increase in successful phishing scams, with $3.35 million stolen in March alone. Additionally, a concerning analysis revealed that a significant portion of Base’s memecoins are vulnerable to security risks, potentially exposing users to substantial losses.
Toward a Decentralized Future
Despite these challenges, Base’s ascent underscores the evolving dynamics within the Ethereum layer-2 ecosystem. As the sole sequencer, Coinbase currently holds full control over Base, but the firm has committed to gradually decentralizing the network over time. This move towards decentralization is eagerly anticipated by the crypto community, who view it as a crucial step in enhancing the network’s credibility and resilience against fraud.
As we observe the unfolding competition among Ethereum’s layer-2 solutions, Base’s rapid rise to prominence this April marks a significant milestone in the broader quest for scalable, secure, and user-friendly blockchain networks.
