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Ethereum’s Layer 2 Infrastructure Surges, Surpassing 1 Million Active Addresses within 24 Hours
Coinbase’s Base network has emerged as the top Ethereum layer-2 blockchain in terms of active addresses, according to recent rankings. The Base network experienced a surge in on-chain activity, resulting in a significant increase in active addresses, reaching nearly 1.2 million in just one day. This data, provided by the blockchain analytics platform IntoTheBlock, positioned Base ahead of other layer-2 blockchains like Arbitrum and Optimism, as well as surpassing its own home blockchain, Ethereum.
This surge in activity is evident in the chart below, which shows that the Base network has surpassed previous records and achieved a milestone on March 16th. The reason behind this surge can be attributed to a recent development within the network. Two days prior, the developer team of Base implemented the EIP-4844, which led to a substantial reduction in transaction fees.
With transaction fees dropping below a cent, more users were attracted to the Coinbase-affiliated layer-2 blockchain. On-chain data from the blockchain analytics platform Dune reveals that over 748,700 new users joined the L2 network within 48 hours following the fee reduction. The project acknowledged in its announcement that transaction fees may fluctuate during periods of increased on-chain activity.
Public data from Dune also indicates a surge in daily transactions, surpassing two million on March 16th, marking the highest recorded figure since the launch of the L2 network in August 2023.
This recent increase in activity has propelled Base’s total addresses to over 67.9 million, as reported on the blockchain explorer BaseScan.
The success of the Base network has also had a positive impact on its total value locked (TVL), which currently stands at over $674 million, according to data from the blockchain platform DeFiLlama.
The Base network has had a promising start, thanks to its affiliation with the leading American cryptocurrency exchange, Coinbase. After spending approximately six months in the testnet phase, the layer-2 blockchain went live in early August.
In summary, Coinbase’s Base network has emerged as the top Ethereum layer-2 blockchain in terms of active addresses. This success can be attributed to a surge in on-chain activity, driven by a recent development that significantly reduced transaction fees. With more users onboarded and an increase in daily transactions, Base has established itself as a prominent player in the Ethereum ecosystem.