Coinbase’s Base network has emerged as the top Ethereum layer-2 blockchain in terms of active addresses. Recently, the Base network experienced a surge in on-chain activity, resulting in a significant increase in active addresses, reaching nearly 1.2 million in just one day. This achievement, as indicated by the blockchain analytics platform IntoTheBlock, sets Base apart from other L2 blockchains like Arbitrum and Optimism, surpassing even its native blockchain, Ethereum.
The chart below illustrates how the Base network has surpassed previous records, marking a significant milestone on March 16th. This surge in activity can be attributed to a recent development within the network. Two days prior, the developer team implemented the EIP-4844, which led to a substantial reduction in transaction fees.
Source: IntoTheBlock
With transaction fees now below a cent, the Coinbase-affiliated layer-2 blockchain attracted a larger user base. On-chain data from the blockchain analytics platform Dune reveals that over 748,700 new users joined the L2 network within 48 hours of the fee reduction. The project acknowledged in its announcement that transaction fees may fluctuate during periods of increased on-chain activity.
Public data from Dune also shows a surge in daily transactions, surpassing two million on March 16th, the highest recorded since the L2 network’s launch in August 2023.
Source: Dune
This recent increase has propelled Base’s total addresses to over 67.9 million, as reported on the blockchain explorer BaseScan.
Furthermore, the Base network’s affiliation with the leading American crypto exchange Coinbase has played a crucial role in its success. After undergoing approximately six months in the testnet phase, the layer-2 blockchain went live in early August.
The significant milestone achieved within the Base network has positively impacted its total value locked (TVL). According to the latest data from the blockchain platform DeFiLlama, Base currently accounts for over $674 million in TVL.
Tags: Coinbase, Ethereum
