TL;DR
- Base L2 reaches 1 million daily active addresses and registers 200,000 new basenames in one week.
- Daily transactions on Base exceed 4 million; TVL on Base reaches $1.59 billion, up 30%.
- Sony’s upcoming Soneium chain could challenge Base’s dominant position in the L2 market.
Base, the Layer-2 (L2) solution launched by Coinbase, has reached a significant milestone by surpassing one million daily active addresses.
This achievement is accompanied by a notable increase in the creation of “basenames”–readable names linked to wallet addresses.
to be clear, it's still day one. 1B+ basenames or bust. https://t.co/iKyBLeU1Fa
— jesse.base.eth (@jessepollak) August 26, 2024
In just one week, 200,000 new basenames have been registered, reflecting growing adoption of this feature.
Basenames, similar to subnames in the Ethereum Name Service (ENS), are completely on-chain and simplify user interaction with decentralized applications.
They allow users to register readable names that are linked to their wallet addresses, facilitating transactions across Ethereum Virtual Machine (EVM)-compatible chains.
This increase in basename registrations is in line with an overall growth in activity on Base.
Daily transactions on the network have surpassed four million, with weekly transaction volume exceeding 29 million.
This increase indicates increased network utilization and increased user engagement.
In financial terms, the total value locked (TVL) in Base has reached $1.59 billion, marking a 30% increase from the previous monthly low.
This increase in TVL reflects a significant inflow of capital into the DeFi ecosystem on Base, underscoring its expanding role within the decentralized finance sector.
Future Challenges and Opportunities at BASE
Despite Base’s current success, the network faces potential competition with Sony‘s launch of Soneium.
Soneium, like Base, will use the Op stack and join the Optimism Superchain.
However, Base founder Jesse Pollak sees this competition positively, highlighting the collaborative potential of the Superchain to foster a more interconnected and efficient blockchain ecosystem.
Pollak expressed optimism about the future, stating: “Base’s mission is to bring a billion people into the chain, and we know we can’t do it alone.
We believe that a rising tide lifts all boats, and we’re thrilled to see companies like Sony joining the chain.
The Superchain will enable affordable, cross-chain transactions, creating a unified user experience and paving the way for a decentralized future.”
Base’s rapid growth in daily active addresses, transaction volume, and TVL underscores its expanding influence in the L2 market, despite the emergence of new competitors such as Soneium.
