Coinbase’s layer-2 network, Base, has reached 136,000 daily active users.
Coinbase's layer-2 network, Base, has reached 136,000 daily active users.
The Growing Success of Coinbase’s Base Blockchain Network
Coinbase’s Base blockchain network has experienced a rapid surge in daily active users, surpassing 100,000 for the first time just one day after its official launch. According to figures from Dune Analytics on August 10, the network recorded over 136,000 daily users, marking its highest daily number yet.
The launch of Base has been met with great enthusiasm, as it promises to offer various functionalities and possibilities for users within the blockchain space. As a layer 2 solution, Base aims to provide scalability and faster transaction processing for decentralized applications (dApps) built on top of Ethereum.
Base has managed to attract a significant number of new users, with approximately 30% of the daily users on August 10 being newcomers to the platform, totaling nearly 42,000 individuals. It is worth noting that the highest number of new users on a single day was over 60,000 on July 31. This influx of users highlights the growing interest in Base and its potential to become a leading layer 2 solution in the blockchain industry.
In addition to the surge in user adoption, Base has also made its mark in terms of transactions per second (TPS). According to CryptoRank, a crypto market data platform, Base currently ranks fourth among layer 2 solutions in terms of daily TPS, trailing behind zkSync Era, Arbitrum, and Optimism. This achievement demonstrates the network’s ability to handle a substantial volume of transactions efficiently and positions it as a competitive player in the blockchain ecosystem.
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The journey of Base began on August 9, when the network was officially launched after a period of exclusively being accessible to builders. This launch event, dubbed the “Onchain Summer,” marked a significant milestone in Base’s development. However, it is essential to note that Base initially launched in a beta version on February 23. At that time, there was speculation within the crypto community that the platform could serve as a catalyst for greater adoption of Web3 protocols due to Coinbase’s extensive user base. The mainnet version of Base was released for builders on July 13, but the team cautioned that it was not yet ready for users.
Currently, Base offers a range of features and opportunities for its users. Users can bridge their Ether (ETH) to Base, engage in decentralized cryptocurrency exchanges, make payments through a web-based app, register “.base” usernames, and even launch decentralized autonomous organizations (DAOs). These functionalities enhance the user experience and provide them with the tools to participate actively in the decentralized ecosystem.
The success of Coinbase’s Base blockchain network showcases the growing interest and adoption of layer 2 solutions within the blockchain industry. As blockchain technology continues to evolve, scalability and transaction efficiency remain critical challenges. Layer 2 solutions like Base offer potential solutions to these challenges, enabling the development of innovative decentralized applications that can handle a high volume of transactions without congesting the underlying blockchain network.
In conclusion, the surge in daily active users and transactions per second on Coinbase’s Base blockchain network demonstrates the network’s strong potential and the confidence users have in its capabilities. With its user-friendly features and expanding functionality, Base is poised to further drive the adoption of blockchain technology and contribute to the growth of the decentralized ecosystem as a whole. As the blockchain industry continues to thrive, the success of platforms like Base serves as a testament to the ongoing advancements and opportunities brought about by this transformative technology.
Figures and Image Source: Dune Analytics Tweet Source: CryptoRank Platform (@CryptoRank_io)