Coinbase‘s newly launched layer-2 blockchain network, “Base,” has experienced remarkable adoption rates, surpassing 136,000 daily active users just a day after its official launch. This surge in user activity on the network highlights the growing interest and demand for layer-2 solutions within the cryptocurrency ecosystem.
Base Network’s Rapid Adoption
Within a short span of time since its launch, the Base network has garnered significant attention. On August 10th, the network recorded an impressive figure of over 136,000 daily active users, marking the highest number of daily users in its brief history, right after reaching just under 100,000 on the prior day, according to data organized by TK Research on Dune. Notably, this milestone coincided with the second day of the network’s public release, underscoring the swift adoption and user engagement.
Around 30% of the users who participated on August 10th were newcomers to the network, constituting nearly 42,000 users. While this achievement is substantial, it’s essential to note that the network’s peak daily user count was over 60,000 on July 31st. Additionally, crypto market data platform CryptoRank’s insights reveal that Base currently ranks 4th in terms of daily transactions per second among layer 2 solutions, positioning itself behind zkSync Era, Arbitrum, and Optimism.
A Glimpse into Base’s Journey: Diverse Functionality and Prospects
Coinbase’s Base network embarked on its journey with a beta version launch on February 23rd. The network’s potential to onboard a larger number of users into Web3 protocols garnered attention due to Coinbase’s substantial user base. While its mainnet version, targeted at builders, was introduced on July 13th, the network’s team advised caution as it wasn’t fully ready for user engagement at that time.
Presently, users of the Base network enjoy diverse features, including bridging Ether to Base, engaging in a decentralized cryptocurrency exchange, utilizing a web-based app for payments, registering “.base” usernames, and even launching decentralized autonomous organizations. The network’s versatility in catering to different aspects of the crypto ecosystem contributes to its growing appeal.
The rapid adoption of the Base network signifies the increasing demand for layer-2 solutions that enhance scalability and user experience within the cryptocurrency sector. With its promising rankings among layer 2 solutions and a rapidly growing user base, Base is poised to play a significant role in shaping the trajectory of decentralized technologies and their integration into mainstream applications.