Base Blockchain, the layer-2 network launched by Coinbase in 2023, is defying the ongoing ‘crypto winter’ by exhibiting remarkable growth in key metrics, especially in terms of active addresses. As many layer-1 and layer-2 networks struggle to maintain momentum, Base Blockchain’s active address count is surging, outpacing notable competitors like Avalanche, Polygon, and Cronos.
According to recent data from blockchain analytics firm Nansen, Base Blockchain’s active addresses have skyrocketed to an all-time high of over 1.964 million, a staggering increase from a year-to-date low of 196,000. This substantial growth highlights the network’s appeal and the increasing traction it’s gaining among developers and users alike. The keyphrase Base Blockchain active addresses serves as a barometer for the network’s rising popularity and competitiveness in a saturated market.
Record-Breaking Transaction Volumes and Deployments
Not only have Base Blockchain active addresses surged, but the network has also seen a corresponding rise in transaction volume. As of early September, Base handled approximately 4.8 million transactions, a significant leap from the sub-300,000 figure recorded in January. This growth underscores the platform’s ability to attract and retain a robust user base despite the broader market downturn.
Additionally, Base Blockchain has witnessed an unprecedented rise in daily contract deployments, with numbers reaching a peak of nearly 18,000. This surge in deployments reflects the increasing number of decentralized applications (dApps) and smart contracts being built on the network, reinforcing its position as a strong contender in the blockchain ecosystem.
In stark contrast, Avalanche, one of Base’s main competitors, has seen its active addresses and transactions plummet by over 50% from their highs earlier this year. The growing disparity between the two networks serves as a testament to Base’s ability to maintain momentum while other chains struggle to adapt to the current market conditions.
Developer Adoption and DeFi Growth
The surge in Base Blockchain active addresses is fueled, in part, by the network’s appeal to developers. With its competitive transaction speeds and notably low fees, Base has become an attractive alternative for those seeking to build and scale decentralized finance (DeFi) projects. DeFi Llama data shows that Base currently hosts 348 dApps, positioning it as a hub for decentralized financial innovation. Popular DeFi protocols such as Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue have found a home on the platform, further solidifying its growing reputation.
As a result, the total value locked (TVL) on Base has risen to $1.57 billion, making it the sixth-largest blockchain by TVL in the DeFi space. This rise in TVL coincides with the steady increase in Base Blockchain active addresses, further emphasizing the growing user confidence in the network.
Dominance in Decentralized Exchanges
Base Blockchain’s impact is not limited to DeFi applications alone. The network has also emerged as a formidable player in the decentralized exchange (DEX) space. Over the past seven days, Base-based DEXes have handled trading volumes of approximately $3 billion, surpassing Arbitrum, which processed $2.77 billion over the same period. This significant trading volume cements Base’s position as the third-largest DEX platform by volume, trailing only behind Ethereum and Binance Smart Chain.
This rapid ascent in the DEX space has contributed to the continuous rise in Base Blockchain active addresses, as more users engage with the network’s cost-effective trading solutions. A major draw for traders has been Base’s low gas fees. Despite its impressive transaction growth, the total gas fees paid by users in September dropped to just $50,425, down sharply from over $2.3 million in March. This reduction in gas fees makes Base one of the most cost-efficient blockchain networks currently available, adding to its appeal.
Stablecoin Growth and Future Prospects
Stablecoins have also played a key role in the rising Base Blockchain active addresses. As of now, Base ranks as the sixth-largest blockchain in terms of stablecoin holdings, with over $1.57 billion circulating within its ecosystem. This number is expected to rise as the network is on the verge of being integrated with Tether, the world’s largest stablecoin by market cap. Once this integration is complete, it could lead to an influx of new users and further boost Base Blockchain active addresses.
Base’s Impact on Coinbase
For Coinbase, the success of its Base Blockchain network offers a much-needed bright spot amid increasing competition in the exchange market. Coinbase’s trading volume recently stood at $66 billion, slightly lagging behind competitors like Crypto.com, Huobi, and Bybit, which each posted volumes exceeding $70 billion. However, the strong performance of Base could help Coinbase regain its market share as the network attracts more users and capital flows into the ecosystem.
Blockchain analyst Lars Muller commented, “The rise in Base Blockchain active addresses indicates a clear shift in user preference towards more cost-effective and scalable solutions. Base’s rapid adoption signals that we could be entering a new phase of Layer-2 dominance, where networks like Base take center stage in the decentralized landscape.”
As the bear market lingers, the growth of Base Blockchain active addresses continues to defy expectations. Its impressive performance in terms of user growth, transaction volumes, and developer activity positions it as a key player in the evolving blockchain space, one that could significantly shape the future of decentralized finance and beyond.
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