In the ever-evolving world of Layer 2 networks, there has been a notable shift in dominance with Base, an Ethereum Layer 2 network supported by Coinbase, rapidly gaining ground. Recent data from IntoTheBlock indicates that Base now boasts almost 40% more daily active addresses compared to its competitors, namely Arbitrum and Optimism. This surge in activity signals Base’s increasing dominance in the Layer 2 space, indicating that it is attracting a larger share of off-chain transactions within the Ethereum ecosystem.
The Success of Base’s “Onchain Summer” Campaign
One of the key drivers behind Base’s recent growth is its successful “Onchain Summer” campaign. Launched in 2023 to promote adoption of its Layer 2 network, the event has proven to be a hit. During the month-long initiative, more than 268,000 wallets minted over 700,000 NFTs, and over $242 million in crypto was bridged to Base, resulting in more than 130,000 unique daily users. Building on this success, Base has revived the summer event for 2024, with the aim of boosting on-chain creativity and encouraging developers to build on the blockchain. With 600 ETH, approximately $2 million, set aside for rewards, the initiative is poised to further attract participants and drive innovation within the ecosystem.
Introducing Basenames for Enhanced User Interaction
In a bid to enhance user experience and simplify on-chain identities, Base has introduced “Basenames” to its network. This feature, built on the Ethereum Name Service (ENS) infrastructure, allows users to convert complex wallet addresses into readable names. Similar to subdomains, Basenames enable ENS domain owners to create and manage multiple subnames, improving user interaction within the Base ecosystem. To ensure fairness and prevent bots from dominating the name registration process, Basenames will be offered through a Dutch auction, giving everyone an equal opportunity to secure their desired names.
Overall, the rise of Base in the Layer 2 network landscape signifies a significant shift in dominance within the Ethereum ecosystem. With its growing user base, successful campaigns, and innovative features like Basenames, Base is positioned to continue its upward trajectory and play a crucial role in shaping the future of Layer 2 networks.
