Base Network Records Over 1 Million Daily Active Addresses Following Basenames Surge

Updated: 27 August 2024

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Coinbase’s layer-2 Base network surpassed 1 million daily active addresses following a surge in the number of new “basenames” created on the blockchain.

The network set a new daily active address record of 1.05 million on Aug. 24, according to data from Dune Analytics. This increase marks a 60% uptick in the number of daily active addresses since the start of the month. Since reaching this peak, the number of daily active addresses has fallen to 401,936.

Daily Active Address Record Comes Amid A Surge In Trading Activity

The surge in the number of daily active addresses follows the Aug. 21 launch of the “basenames” service on the layer-2 network. Within just the first week of this naming service going live, more than 200K new Base.eth usernames were minted on the chain.

to be clear, it's still day one. 1B+ basenames or bust. https://t.co/iKyBLeU1Fa

— jesse.base.eth (@jessepollak) August 26, 2024

Along with the increase in basenames, the network has also recorded a growth in trading activity. Trading volumes across the Base ecosystem rose 2.81% since March to now account for 9.25% of the total DEX volume on Ethereum, according to DefiLlama data. The layer-2 network also posted a record 4 million weekly active addresses on Aug. 20.

Base Meme Coins Drop 4%

Many meme coins on the layer-2 blockchain are not following the same positive trend as the network’s number of daily active addresses. Throughout the past 24 hours, the market capitalization for the light-hearted sector of the Base ecosystem dropped over 4%.

Brett (BRETT), Degen (BASE), Toshi (TOSHI), Mister Miggles (MIGGLES) and Basenji (BENJI) all suffered losses during the last trading session. BRETT, the leading Base meme coin by market, dropped 4% but is still up more than 8% on the weekly timeframe. The rest of the top 5 biggest Base meme coins are all down over the past 7 days.

We reached 3 million, DAWGZ!!!

And we are going to end the presale soon. More details to follow soon 🪂 pic.twitter.com/1frFvcX6HV

— Base Dawgz (@BaseDawgz) August 24, 2024

One Base meme coin that stands out from the rest is Base Dawgz (DAWGZ). Currently in its presale phase, the crypto has managed to raise over $3 million. The investor frenzy around the young crypto is likely to continue as investors rush to get in on the project’s lucrative staking program offering a 776% APY. DAWGZ’s ICO is set to end within the next 48 hours.