Base, a Layer-2 (L2) network on Ethereum, has recently hit a milestone of one million daily active addresses. The founder of Base, Jesse Pollak, proudly announced that the platform has created up to 200,000 basenames in under a week.
Basenames, or subnames, are a key feature on Base that allow users to register their identity with human-readable names linked to wallet addresses. This feature, similar to Ethereum Name Service (ENS), provides a simple way for users to connect with on-chain applications and conduct transactions across any Ethereum Virtual Machine (EVM)-compatible chain.
In addition to the surge in daily active addresses, Base L2 has seen daily transactions surpass four million, with weekly transactions reaching an all-time high of over 29 million, according to data from Dune Analytics.
The total value locked (TVL) on the Base chain has also reached $1.59 billion, marking a nearly 30% increase from its monthly low. This increase in TVL reflects the growing popularity of Base and indicates more capital being locked into the DeFi ecosystem on the platform.
Despite the success of Base, the upcoming launch of Soneium by Sony Block Solutions Labs could pose a challenge. However, Pollak views the competition positively, stating that Base’s mission is to bring a billion people on-chain and welcomes other companies like Sony to join the Superchain.
As Base continues to thrive and expand its user base, the future of decentralized finance (DeFi) on the platform looks promising.
