Coinbase’s Base Network Sets New Record of Over 3.5M Addresses

According to on-chain data, the Ethereum layer-2 network Base now has over 3.5 million wallet addresses. The milestone comes only three weeks after the deployment of the layer-2 blockchain on the mainnet.

Base is a layer-2 blockchain network developed and managed by the American publicly traded cryptocurrency company Coinbase. The network’s testnet has been open to several blockchain developers since February, allowing them to deploy decentralized applications (dApps) and test its performance. On August 9th, Base launched on mainnet, onboarding new users into the ecosystem.

Base Sees Early Growth

Following its launch, Base has onboarded more users thanks to its Coinbase affiliation and several dApps going live on the network. In addition to having over 3.5 million addresses, the network saw nearly 800,000 new ones added in the past 24 hours.

Source: Basescan

A closer look at the chart reveals that the Base network’s performance started picking up on August 11th, when it saw over 144,000 unique addresses created on Base. Since then, the momentum has only risen, with a record of 876,657 new addresses created on August 28th.

Notably, the number of addresses does not necessarily reflect the number of users on the network. The figures include smart contract addresses, with many blockchain users preferring to own and use multiple addresses.

Meanwhile, the recent and sudden surge in performance within the Base ecosystem is heavily tied to an announcement made by Optimism Foundation, a non-profit organization aimed at developing the layer-2 Optimism network.

On August 24th, Optimism Foundation entered into a revenue and governance sharing agreement with Base. According to the announcement, the agreement is part of “a shared commitment to the rules for upgrades and sequencing of OP Chains.”

The Coinbase-backed layer two network is built on Optimism’s OP software stack. The two blockchains are part of the “Superchain” ecosystem. 

Other Projects Get Launched on Base

Base’s increase in addresses is also linked to increased engagement with other mainstream and crypto-focused projects and companies. For example, the global beverage company Coca-Cola deployed an NFT project dubbed Masterpiece on the Coinbase L2 network.

A week ago, the social app Friend.tech raised over $1 million in fees within 24 hours. The app is built on the Base mainnet.

Bad players have also tapped into Base’s nascent state to exploit users. Last week, the so-called DeFi lender Magnate Finance rugged users of $6.4 million.