In recent times, there has been a noticeable shift in the Layer 2 network sector, with Base, an Ethereum Layer 2 network incubated by Coinbase, making significant strides. IntoTheBlock’s latest research indicates that Base now has nearly 40% more daily active addresses than the combined total of its competitors, Arbitrum and Optimism. This substantial growth underscores Base’s growing dominance in the Layer 2 space, signaling that it is capturing a larger portion of off-chain transactions within the Ethereum ecosystem.
Onchain Summer Campaign Drives Adoption
Base’s recent success can be attributed to its “Onchain Summer” campaign, which aims to promote development on the platform. Originally introduced in 2023 to increase the adoption of its layer-2 network, the “Onchain Summer” event has proven to be a resounding success. During the month-long initiative, 268,000 wallets minted over 700,000 NFTs, and more than $242 million in crypto was bridged to Base, attracting over 130,000 unique daily users. Building on the achievements of the previous year, Base has brought back the summer event for 2024, with a focus on fostering on-chain creativity and encouraging developers to build on the blockchain. The initiative, which commenced in June and will continue until August, has allocated 600 ETH (equivalent to approximately $2 million) in rewards for participants.
Introducing Basenames for Enhanced User Experience
To further enhance user interaction within the Base ecosystem, the network has rolled out “Basenames.” These Basenames are designed to simplify on-chain identities by allowing users to convert complex wallet addresses into readable names. Leveraging the Ethereum Name Service (ENS) infrastructure, Basenames operate akin to subdomains, enabling an ENS domain owner to create and manage multiple subnames. This new feature is expected to streamline user engagement and improve overall usability within the Base ecosystem. To ensure fairness in the name registration process, Basenames will be available through a Dutch auction, preventing bots from monopolizing the process and ensuring equal opportunity for all users to secure their preferred names.
By focusing on user experience, fostering developer engagement, and continuously innovating through initiatives like the “Onchain Summer” campaign and the introduction of Basenames, Base has established itself as a dominant force in the Layer 2 network landscape. As the network continues to evolve and grow, it is poised to further solidify its position as a leader in the Ethereum ecosystem.
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