Coinbase-backed Base network sees explosive growth, surpassing Arbitrum with 1.48 million new active addresses and a TVL exceeding $4 billion.
In the rapidly evolving world of cryptocurrency and blockchain technology, the competition among Ethereum layer-2 networks is heating up. This month, a significant shift occurred as the Base network, backed by Coinbase, overtook Arbitrum in terms of active addresses, marking a pivotal moment in the layer-2 landscape.
The Base network has seen an explosive increase in active addresses, with over 1.48 million new active addresses being added in just the first part of the month. This growth has allowed Base to narrowly surpass Arbitrum One, which had 1.43 million active addresses in the same timeframe. Despite this, it's important to note that Arbitrum One still maintains a lead in the total count of active addresses over the last 30 days. However, the rapid rise of Base is a clear indicator of its growing popularity and adoption within the crypto community.
Several factors have contributed to the surge in Base's active addresses. One notable driver is the so-called "memecoin mania," which has attracted a significant number of users to the platform. Additionally, Base's total value locked (TVL) has surpassed the $4 billion mark, further solidifying its position in the market. This growth in TVL indicates a strong trust in Base's infrastructure and its ability to secure assets.
Base not only leads in active addresses and TVL but also boasts the highest transaction count over the last 30 days, with 53.1 million transactions. This high transaction volume underscores Base's capability to handle a large number of operations, making it an attractive option for users seeking efficiency and scalability.
However, with growth comes challenges. The network has experienced an increase in successful phishing scams, with $3.35 million stolen last month. This highlights the importance of security measures and user education in protecting assets within the ecosystem.
The rise of Base as a leading Ethereum layer-2 network has significant implications for the broader ecosystem. It demonstrates the dynamic nature of the crypto market and the potential for new platforms to emerge and challenge established players. For users and developers, this competition may lead to more innovative solutions, improved efficiency, and enhanced security measures..
