The core network outperforms Arbitrum and Optimism with 40% more active addresses

There has been a significant shift in the Layer 2 network landscape of late, with the foundation of Ethereum’s Layer 2 network incubated by Coinbase gaining ground quickly.

According to IntoTheBlock’s latest findings, Base now boasts nearly 40% more daily active addresses compared to the combined total of rival Layer 2 networks: Arbitrum and Optimism.

Increase in the activity of the Base network

The massive growth seen by the cryptoanalytic platform highlighted Base’s growing dominance in the Layer 2 space, suggesting that it is capturing a larger share of the Ethereum ecosystem’s off-chain transactions.

Base recorded roughly four million active addresses last week according to Dune Analytics data shared by project lead Jesse Pollak.

The increase in network activity coincided with Base’s ongoing “Onchain Summer” campaign, which promotes the development of the platform. First introduced in 2023 to drive adoption of its Layer 2 network, the “Onchain Summer” event proved to be a success.

Over the course of the month-long initiative, 268,000 wallets minted over 700,000 NFTs and over $242 million worth of crypto was connected to Base, attracting over 130,000 unique daily users.

Building on last year’s success, Base revived the summer event for 2024, with the goal of driving creativity on-chain and encouraging developers to build off-chain of blocks The initiative, which started in June and will run until August, has set aside 600 ETH, worth around $2 million, in rewards for participants.

“Basenames” Chained Identities Solution

This week, the Base network introduced “Basenames” with the goal of simplifying on-chain identities by allowing users to convert complex wallet addresses into human-readable names. Based on the Ethereum Name Service (ENS) infrastructure, Basenames work similarly to subdomains, where an ENS domain owner can create and manage multiple subnames.

This feature is expected to improve user interaction within the Base ecosystem. To ensure fairness, Basenames will be offered through a Dutch auction, preventing bots from dominating the name registration process and giving everyone a fair chance to secure the names they want.

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