In the ever-evolving world of Layer 2 networks, Base, a network incubated by Coinbase, has been making significant strides. Recent data from IntoTheBlock shows that Base now has nearly 40% more daily active addresses compared to its competitors, Arbitrum and Optimism. This growth indicates that Base is gaining traction in the Ethereum ecosystem, capturing a larger share of off-chain transactions.
One of the key factors contributing to Base’s growth is its “Onchain Summer” campaign. Originally launched in 2023 to promote the adoption of its Layer 2 network, the event has been a resounding success. This year, the campaign has seen 268,000 wallets mint more than 700,000 NFTs and over $242 million in crypto being bridged to Base. With over 130,000 unique daily users, Base has managed to create a buzz in the blockchain community.
Adding to its appeal, Base recently introduced “Basenames,” a feature aimed at simplifying on-chain identities. By allowing users to convert complex wallet addresses into readable names, Basenames enhance user interaction within the Base ecosystem. Built on the Ethereum Name Service (ENS) infrastructure, Basenames function like subdomains, giving users more control over their identities.
To ensure fairness in the allocation of Basenames, Base has opted for a Dutch auction approach. This method prevents bots from dominating the name registration process, giving all users an equal opportunity to secure their desired names. By implementing this auction mechanism, Base is able to create a level playing field for its users.
Base’s rapid growth in the Layer 2 network landscape is a testament to its innovative approach and commitment to user experience. With initiatives like “Onchain Summer” and features like Basenames, Base is positioning itself as a leader in the Ethereum ecosystem. As the network continues to evolve and expand its offerings, it will be interesting to see how Base shapes the future of Layer 2 networks.
