In recent times, there has been a notable shift in the Layer 2 network arena, with Base, an Ethereum Layer 2 network that originated from Coinbase, experiencing a rapid surge in popularity. Data from IntoTheBlock has revealed that Base now boasts almost 40% more daily active addresses compared to its competitors, Arbitrum and Optimism combined. This significant growth indicates Base’s increasing dominance in the Layer 2 space, suggesting that it is capturing a larger portion of the off-chain transactions within the Ethereum ecosystem.
One of the key factors contributing to the rise of Base is its “Onchain Summer” campaign, which aims to promote development on the platform. Launched in 2023 to drive the adoption of its Layer 2 network, the “Onchain Summer” event has been a resounding success. During the month-long initiative, more than 268,000 wallets minted over 700,000 NFTs, and over $242 million in crypto was bridged to Base, attracting over 130,000 unique daily users. Building on the success of last year, Base has revived the summer event for 2024, with $2 million worth of rewards set aside to incentivize developers to build on the blockchain.
To enhance user interaction within the Base ecosystem, the network recently introduced “Basenames.” This feature allows users to convert complex wallet addresses into readable names, similar to subdomains on the Ethereum Name Service (ENS) infrastructure. By enabling users to create and manage multiple subnames under their ENS domain, Basenames aim to streamline the on-chain identity process. To ensure fairness, the allocation of Basenames will be conducted through a Dutch auction, preventing bots from dominating the name registration process and providing equal opportunities for all users to secure their desired names.
Overall, the rapid growth and innovative features introduced by Base have positioned it as a dominant force in the Layer 2 network landscape. With a strong focus on community engagement, network development, and user experience, Base continues to push the boundaries of decentralized finance and blockchain technology. As it continues to attract more users and developers, Base is poised to solidify its position as a leader in the Ethereum ecosystem.