- Coinbase’s Base network leads in new Ethereum layer-2 active addresses this April, showcasing rapid growth.
- Despite a competitive field, Base’s transaction volume outstrips rivals, highlighting its burgeoning user engagement.
- The rise of memecoin trading on Base reflects a dynamic and evolving platform, attracting significant attention and investment.
Coinbase’s Base network has achieved a significant milestone in the Ethereum layer-2 space, securing the top position in terms of active addresses this month. In an impressive display of growth, Base recorded over 1.48 million new active addresses within the initial nine days of April.
This figure slightly edges out its closest competitor, Arbitrum One, which tallied up to 1.43 million active addresses, as revealed by growthepie data.
Other notable Ethereum scaling solutions, including zkSync Era and the Optimism mainnet, also showed substantial activity. They registered 1.21 million and 650,000 active addresses, respectively, placing them in the third and fourth positions for the period.
Despite this monthly achievement, Arbitrum One retains a marginal lead over Base in the number of active addresses, boasting 3.84 million against Base’s 3.76 million for the last 30 days. This ongoing rivalry underscores the dynamic nature of the layer-2 ecosystem.
Significant declines were observed in Starknet and Mantle, experiencing drops in active addresses by 51% and 40%, respectively, over the past month. These fluctuations highlight the competitive and volatile environment of blockchain networks.
Base’s recent surpassing of the $4 billion mark in total value locked (TVL) on its protocol marks another notable achievement. It now ranks just behind Arbitrum One and OP Mainnet in TVL standings, according to data from L2BEAT.
Furthermore, Base leads in transaction volume over the last 30 days with 53.1 million transactions, significantly ahead of Arbitrum’s 41.2 million and Ethereum‘s 37.9 million, indicating a high level of network activity and user engagement.
A surge in memecoin popularity on the Base network has been a key driver behind its increasing active addresses. Memecoins such as Brett (BRETT) and Degen (DEGEN) have reached market caps of $720 million and $523 million, respectively, showcasing the growing interest and investment in these digital assets on the Base platform. Other memecoins like Toshi (TOSHI) and Normie (NORMIE) have also seen high volumes of trade.
Amid its rapid growth and expansion, the Base network has outlined plans for gradual decentralization. This strategy aims to enhance the network’s autonomy and resilience, underscoring its commitment to evolving within the decentralized finance ecosystem.
