Base outpaces Arbitrum and Optimism
The landscape of Layer 2 networks has experienced a notable transformation recently, with the Ethereum Layer 2 network, Base, which was developed with the support of Coinbase, surging in popularity.
A report from IntoTheBlock reveals that Base's daily active addresses have surpassed those of its competitors, Arbitrum and Optimism, by nearly 40% when combined.
The explosive growth detected by the cryptocurrency analysis firm underscores Base's expanding influence in the Layer 2 sector, indicating its growing role in handling Ethereum's off-chain transactions.
Base saw an impressive tally of four million active addresses in just the past week. This increase in activity aligns with Base's "Onchain Summer" promotion, aimed at fostering development within its platform. Launched in 2023 to accelerate the uptake of its Layer 2 solutions, the "Onchain Summer" initiative has proven to be a resounding success.
During this month-long event, 268,000 wallets created over 700,000 NFTs, and more than $242 million in cryptocurrency was transferred to Base, drawing in over 130,000 unique users each day.
Following the triumph of last year’s event, Base has kicked off a new summer campaign for 2024. It seeks to spur on-chain innovation and entice developers to create on the blockchain. Running from June to August, the campaign has earmarked 600 ETH, valued at roughly $2 million, in rewards for those taking part.
Recently, Base has launched "Basenames," a feature designed to streamline on-chain identities by transforming intricate wallet addresses into easily recognizable names. Leveraging the Ethereum Name Service (ENS) framework, Basenames works akin to subdomains wherein an owner of an ENS domain can generate and control several subnames.
Anticipated to enhance interactions within the Base ecosystem, this innovation assures a level playing field. Basenames will be available via a Dutch auction, which aims to thwart bot activity in the name registration process and ensure equitable access for individuals to acquire their preferred names.
