Base Blockchain active addresses, transactions hit all-time high

Coinbase’s layer 2 network Base Blockchain, which is set to launch in 2023, is performing well as the ‘crypto winter’ continues.

Nansen data shows that the network is growing in user numbers, leaving behind many blockchains such as Avalanche (AVAX), Polygon (POL), and Cronos (CRO).

The number of active addresses reached a record level, rising from 196 thousand, the lowest level since the beginning of the year, to 1.964 million.

Basic network active addresses | Source: Nansen

Another data shows that the number of transactions made via Base Blockchain increased from the lowest level of 300 thousand in January to 4.8 million.

Meanwhile, the number of daily deployments on the network hit an all-time high, approaching 18,000 earlier this month.

In contrast, as we wrote this week, Avalanche’s active address and transaction count are down more than 50% from their year-to-date highs.

This growth has come as more developers adopt the network due to its strong speeds and low transaction costs.

According to DeFi Llama, Base has 348 dApps in the decentralized finance sector and $1.57 billion in total locked value, making it the sixth-largest chain. The largest DeFi dApps in its ecosystem are Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue.

It is also the sixth largest in terms of stablecoins in the ecosystem, with over $1.57 billion in circulation. It will likely have even more stablecoins once it is incorporated into Tether’s network.

Most notably, Base Blockchain has also become the third-largest chain in the decentralized exchange industry, with its dApps handling $3 billion in volume over the last seven days. This was larger than Arbitrum, which processed $2.77 billion.

Developers and users love Base for its low gas fees. According to Nansen, gas fees have fallen from over $2.3 million in March to $50,425 as transactions have increased. Base has earned just $57 million in fees this year, while Ethereum and Tron have earned over $1 billion.

Base’s performance is a welcome development for Coinbase, which has been losing market share to the likes of Crypto.com, Huobi and Bybit.

Coinbase had a crypto volume of $66 billion under management, while the volume of others was over $70 billion.