In recent times, there has been a noticeable shift in the Layer 2 network landscape, with Base, an Ethereum Layer 2 network that was incubated by Coinbase, making significant strides. Data from IntoTheBlock reveals that Base now has nearly 40% more daily active addresses than the combined total of its competitors, Arbitrum and Optimism. This growth indicates Base’s increasing dominance in the Layer 2 space, suggesting that it is capturing a larger portion of off-chain transactions within the Ethereum ecosystem.
Last week, Base recorded around four million active addresses, according to information from Dune Analytics shared by Jesse Pollak, the project’s head. This surge in network activity coincided with Base’s “Onchain Summer” campaign, which aims to promote development on the platform. Originally introduced in 2023 to drive the adoption of its layer-2 network, the “Onchain Summer” event was a resounding success.
Following the achievements of the previous year, Base brought back the summer event for 2024, with the goal of boosting on-chain creativity and encouraging developers to build on the blockchain. The initiative, which commenced in June and will run through August, has allocated 600 ETH, valued at approximately $2 million, in rewards for participants. During the month-long campaign, 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.
This week, the Base network introduced “Basenames” in an effort to simplify on-chain identities. Basenames allow users to convert complex wallet addresses into readable names, enhancing user interaction within the Base ecosystem. Leveraging the Ethereum Name Service (ENS) infrastructure, Basenames operate similarly to subdomains, enabling ENS domain owners to create and manage multiple subnames. To ensure fairness, Basenames will be available through a Dutch auction, preventing bots from monopolizing the name registration process and providing everyone with an equal opportunity to secure their desired names.
Base has emerged as a key player in the Layer 2 network space, surpassing competitors and introducing innovative features to enhance user experience. With its significant growth and commitment to fostering development and creativity on the blockchain, Base is undoubtedly a rising star worth keeping an eye on in the evolving crypto landscape.
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