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. According to data from IntoTheBlock, Base currently has nearly 40% more daily active addresses than the combined total of competing Layer 2 networks like Arbitrum and Optimism. This growth is a clear indication of Base’s growing dominance in the Layer 2 space, showcasing its ability to capture a larger portion of off-chain transactions within the Ethereum ecosystem.
One of the key drivers behind Base’s recent surge in network activity is its ongoing “Onchain Summer” campaign. This initiative, which was first launched in 2023 to promote the adoption of Base’s layer-2 network, has proven to be a success. During the month-long event, over 268,000 wallets minted more than 700,000 NFTs, and over $242 million in crypto assets were bridged to Base, attracting more than 130,000 unique daily users. Building on the success of the previous year, Base has brought back the summer event for 2024, with the aim of fostering on-chain creativity and encouraging developers to build on the blockchain.
Recently, Base introduced a new feature called “Basenames” in an effort to simplify on-chain identities for users. This feature allows users to convert complex wallet addresses into readable names, enhancing user interaction within the Base ecosystem. Built on the Ethereum Name Service (ENS) infrastructure, Basenames operate in a similar manner to subdomains, enabling ENS domain owners to create and manage multiple subnames. The introduction of Basenames is expected to streamline the user experience and make it easier for individuals to navigate the Base network.
To ensure fairness and prevent bots from dominating the name registration process, Basenames will be offered through a Dutch auction. This approach gives everyone an equal opportunity to secure their desired names within the Base ecosystem. By implementing this auction system, Base aims to create a level playing field for all participants and promote inclusivity within the network.
Overall, the rise of Base in the Layer 2 network landscape signifies a significant shift in the Ethereum ecosystem. With its growing user base, innovative features, and commitment to fostering on-chain creativity, Base is solidifying its position as a leading player in the Layer 2 space. As the network continues to evolve and expand its offerings, it will be interesting to see how Base shapes the future of decentralized finance and blockchain technology.
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