Coinbase’s Base is topping other Layer-2 (L2) scaling solutions on the Ethereum network with a key metric. Specifically, Base has now surpassed other leading Ethereum layer-2 networks by active addresses within the past month.
Launched in July 2023, Base aims to make Ethereum more accessible while retaining the security of the main chain. The rise in active addresses comes only a few weeks after Ethereum L2s hit a record 12.52 million in total transactions.
Base Leads Ethereum L2 Rivals in Active Addresses
According to growthepie data, the number of active addresses on Base has soared by 19% in the last 30 days to 13.2 million. Within the last 24 hours, Base has over 882,000 new active addresses registered on the network. With this increase in active addresses, Base has beaten out top players like Arbitium One, Linea, Optimism, Mantle, and zkSync Era.
Arbitrium One, although next to Base, is still far behind with monthly active addresses of 3.6 million. Ethereum scaling solutions Linea, Optimism, and zkSync Era rounded up the top five with 1.44 million, 1.07 million, and 723,450 active addresses, respectively.
While Base increased in active addresses, the others registered decreases in the past month. zkSync Era had the largest fall at 41.3% followed by Arbitium One with 37.6%. Optimism and Linea recorded the least decline at 26.7% and 24.4% respectively.
Meanwhile, the increased active addresses on Base can be partly attributed to the launch of the “basenames” service on the network. Jesse Pollak, creator of the Base protocol noted that over 200,000 new Base.eth usernames were minted in the first week of launch.
Base Leads in the 30-Day Transaction Count
Base is also the top performing L2 in the 30-day transaction count with 110.28 million. With this record, Base surpassed Arbitrium One’s transaction count of 52.41 million by over 50 million. Mantle came third on the list with 15.93 million, followed by Optimism with 14.52 million, over the same timeframe.
The surge in Base’s active addresses and transactions count coincides with the network surpassing the $6 billion mark in Total Value Locked.
According to L2BEAT, Transaction Per Second (TPS) in the past 24 hours on the Base network is 48.70, second only to Xai’s 120.36. Note that Xai is an Ethereum Layer-3. It leverages Arbitrum AnyTrust to enable open trade in the next generation of video games.
Benefits to Coinbase and Ethereum
Base’s recent performance in the outlined metrics is notable, given that it launched only over a year ago.The growth of key metrics on the Base network holds benefits for both Coinbase and Ethereum (ETH). For Coinbase, it can help usher in more users to interact with the exchange amid its growth push
On the other hand, Ethereum can begin to see increase in price as traders and investors increase the accumulation of the coin for use as gas fee. Given that Ethereum’s price has been consolidating for quite a while, growth in Base bodes well for its future.
As of this writing, ETH is trading at $2,625, down by 4.2% in the past 24 hours.
