Base, a Layer 2 network incubated by Coinbase, has been making significant strides in the Layer 2 network space. Recent data from IntoTheBlock reveals that Base now has nearly 40% more daily active addresses than its competitors, Arbitrum and Optimism. This growth indicates that Base is gaining a larger share of off-chain transactions within the Ethereum ecosystem.
One of the factors contributing to Base’s success is its “Onchain Summer” campaign. Introduced in 2023 to promote the adoption of its Layer 2 network, the campaign has been instrumental in driving network activity. 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, attracting a significant number of daily users.
In a move to enhance user interaction within the Base ecosystem, the network recently introduced “Basenames.” This feature, built on the Ethereum Name Service (ENS) infrastructure, allows users to convert complex wallet addresses into readable names, similar to subdomains. Basenames are expected to simplify on-chain identities and improve overall user experience within the platform.
To further incentivize participation, Base has allocated 600 ETH, approximately $2 million, in rewards for participants of the “Onchain Summer” campaign. Additionally, the Basenames feature will be offered through a Dutch auction to ensure fairness and prevent bots from dominating the name registration process. This approach gives everyone an equal opportunity to secure their desired names and promotes a level playing field.
Base’s rapid growth and increasing dominance in the Layer 2 network landscape are commendable. With innovative initiatives like the “Onchain Summer” campaign and the introduction of the Basenames feature, Base is set to solidify its position as a leading player in the Ethereum ecosystem. By prioritizing user experience, fostering creativity, and ensuring fairness, Base is paving the way for a more user-friendly and inclusive decentralized network environment.