• 29 May, 2024

Base Emerges as Leading Layer 2 Network with Surge in Unique Addresses: Report

In a remarkable turn of events, the crypto analytics platform CryptoRank has revealed that Base, the Ethereum Layer 2 blockchain introduced by Coinbase, has experienced a significant surge. This surge highlights Base’s rapid growth in popularity and establishes it as the most widely adopted Layer 2 blockchain.

Launched on August 9, 2023, Base quickly gained popularity among the community and builders. It has established itself as a leading player in the Layer 2 network space by offering advanced features like Account Abstraction (ERC-4337) and a strong commitment to low fees. The platform is a ‘Superchain’ that prioritizes security and innovation.

Notably, Base has quickly become a force to be reckoned with regarding daily transactions. Within two weeks post-launch, it surpassed the 1 million transaction mark, signaling its potential for even higher numbers in the near future. While Base’s transaction numbers soared, its standing regarding active addresses on the network settled at a respectable fifth place, on par with Optimism. This achievement outstripped previously launched platforms like Linea, Mantle, and Polygon zkEVM.

Source:  Cryptorank.io

Although Base lags behind Ethereum regarding the total number of accounts created, it has surpassed Optimism and Arbitrum in just over two months since its public mainnet launch. It is worth noting that the native application friend.tech played a significant role in this achievement. However, it is essential to consider the potential influence of bots and Sybil accounts.

Source:  Cryptorank.io

According to a recent report, the popularity of Base-native DEXs experienced a shift as Uniswap V3 outperformed BaseSwap and SwapBased. The native DEX Aerodrome (a Velodrome fork) played a crucial role in Base, surpassing $400 million in Total Value Locked (TVL) in under a month since the mainnet launch.

Friend.tech and Onchain Summer have been instrumental in propelling Base’s popularity. Onchain Summer, a promotional initiative, and Friend.tech, a SocialFi application facilitating private chats with X influencers, have garnered significant attention, extending the Base ecosystem’s reach beyond the web3 community.

As the blockchain landscape continues to evolve, the critical role of a robust ecosystem in the success of new blockchains becomes evident. Base’s rapid ascent to prominence, marked by unique dApps and positive user feedback, positions it as a standout player in the Layer 2 network arena. While the future may bring forth more Ethereum Layer 2 networks, Base has demonstrated its resilience and potential for sustained growth in this competitive landscape.

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