- With a significant resurgence in the broader cryptocurrency market, Coinbase-incubated Layer 2 network, Base, is witnessing a notable upswing in daily activity.
- The Base mainnet has seen its Total Value Locked (TVL) rebound after a decline, suggesting increasing user engagement and market interest.
- A recent surge in active addresses highlights Base’s growing dominance in the Layer 2 sector.
Coinbase’s Base Layer 2 network sees unprecedented growth in daily activity, signaling increased adoption and market optimism.
Base Achieves Record Daily Active Addresses
Over the past week, Base has recorded an exceptional increase in user activity, reaching 1,220,883 daily active addresses on July 22nd. This figure surpasses its nearest competitors, with Arbitrum and Optimism recording significantly lower numbers on the same day. This substantial rise underscores Base’s strengthening position within the Layer 2 ecosystem.
Comparison with Competitors
Data from IntoTheBlock reveals that Base’s daily active addresses more than double those of Arbitrum, which recorded 494,214, and Optimism, which had 445,222 active addresses. This comparison highlights Base’s rapid ascent and the increasing user adoption it is experiencing. Since its launch last August, Base has grown to become a pivotal player among Layer 2 networks.
Recovery and Rise in Total Value Locked (TVL)
After experiencing a dip in the first two weeks of July, Base’s TVL has recovered, currently standing above $7.3 billion as of July 23rd. This is a significant rebound, reflecting a nearly 60% increase over the past three months. Despite being behind Arbitrum, which leads with an $18.07 billion TVL according to L2BEAT, Base’s recovery indicates robust user confidence and market performance.
Optimism’s Position in the Market
Optimism closely follows Base with a TVL of $6.86 billion. While Arbitrum maintains its lead in terms of TVL, Base and Optimism are in close competition, underlining the dynamic nature of Layer 2 solutions and their evolving market shares. These developments further illustrate the competitive landscape within the Layer 2 space.
Introduction of On-Chain Donations for US Politicians
The Base network is also innovating beyond traditional uses. It has recently launched a platform enabling US politicians to receive cryptocurrency donations directly on the network. This platform, endorsed by Jesse Pollak, Base Network’s lead, supports donations in over 240 crypto assets, including Bitcoin and Ethereum, and traditional credit card payments.
Compliance and Privacy Features
The donation platform is designed to be faster, more secure, and fully compliant with US regulations. It emphasizes privacy by collecting only the necessary information to meet compliance requirements. This ensures that the process remains streamlined and accessible while maintaining stringent security standards.
Conclusion
Base’s recent growth in daily active addresses and TVL recovery highlights its increasing adoption and market relevance. With innovative solutions like the on-chain donation platform, Base is not only bolstering its standing in the Layer 2 space but also expanding its utility. As the cryptocurrency market evolves, Base’s strategic developments and user-centric innovations position it as a formidable contender in the rapidly advancing blockchain industry.
