Coinbase’s Base network recently ranked #1 among Ethereum layer-2 blockchains in terms of active addresses.
The Ethereum layer-2 network Base recently saw increased on-chain activity, sparking a significant increase in active addresses to nearly 1.2 million within a single day. The metric, shown by the blockchain analytics platform IntoTheBlock, positioned Base above other L2 blockchains like Arbitrum and Optimism. It also surpassed its home blockchain, Ethereum.
Base Attracts More Users
The chart below shows that the Base network has surpassed previous records, seeing a milestone on March 16th. The reason for the surge comes from a recent development within the network. Two days earlier, the blockchain’s developer team implemented the EIP-4844, significantly reducing transaction fees.
Source: IntoTheBlock
With transaction fees below a cent, more users onboarded the Coinbase-affiliated layer-2 blockchain. On-chain data from the blockchain analytics platform Dune shows that over 748,700 new users onboarded the L2 network within 48 hours after the fee reduction. The project acknowledged in its announcement that transaction fees may fluctuate during increased on-chain activity.
When EIP-4844 was implemented on Base yesterday, transaction fees saw an immediate reduction of 100x
Fees may fluctuate as more people come onchain and utilize these savings, but the overall trajectory is toward radically lower costs that knock down barriers to entry ???? https://t.co/faCiCsVBF2
— Base ????️ (@base) March 14, 2024
Public data from Dune shows a surge in daily transactions above two million on March 16th, the highest recorded since the L2 network’s launch in August 2023.
Source: Dune
The recent increase has taken Base’s total addresses to over 67.9 million, as revealed on the blockchain explorer BaseScan.
Base’s TVL Sits Above $674M
The Base network had a good start, thanks to its affiliation with the leading American crypto exchange, Coinbase. After spending around six months in testnet, the layer-2 blockchain went live in early August.
The milestone seen within the Base network has profited its total value locked (TVL). According to current data from the blockchain platform DeFiLlama, Base accounts for over $674 million in TVL.
