29 February, 2024

Daily Active Users On Coinbase’s Layer 2 Network Base Tops 100,000

7 months ago

10 Nov, 2023

  • The daily active users on Coinbase’s new layer 2 network Base have exceeded 100,000. 
  • Base acquired 42,000 new users on August 10 taking its active user count to over 136,000. 
  • The total value bridged to Base stands at $172 million as of August 11, 2023. 

Base, the layer 2 network unveiled by Coinbase earlier this year, recently exceeded 100,000 in terms of daily active users. The feat was achieved on August 10, when Base added 42,000 new users to take its total user count to an all-time high of 136,047. 

Crypto journalist Colin Wu took to Twitter earlier today to share Base’s latest development:

Base’s milestone came six months after it initially opened its test net for developers in February this year. The test phase lasted till July, following which the mainnet went live on August 9, 2023. The dramatic uptick in the network’s daily active users was most likely after Coinbase rolled out the decentralized network for the public. 

According to data from the on-chain analytics platform Dune Analytics, Base’s total value bridged stood at $172.8 million as of August 11, 2023. The leading bridged asset was ETH, $137 million to be precise, given that it is built on the Ethereum blockchain. The second highest crypto asset bridged to Base was Circle’s USD Coin (USDC) stablecoin, with $24.6 million bridged, followed by $6.2 million worth of DAI stablecoins. 

Wu reported that another reason for the onboarding of new users could be friend.tech, a social network built on Base that allows users to trade shares of users on Twitter. Following the mainnet launch earlier this week, Base gathered over 100 applications and service providers on the network. 

As per Dune Analytics, the daily transactions on Base witnessed a surge of 36% on August 9, going from 346,738 to 473,377 after the mainnet launch. The momentum continued the following day as the transactions hiked another 22%, going all the way up to 579,752. However, the traction from the mainnet launch failed to push the transaction count past the all-time high of 607,699, which was achieved on July 30. 



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