Coinbase’s newly launched layer-2 network, Base, has reached a new all-time high in user base. According to data from Dune Analytics, Base recorded a 30% increase in daily users, exceeding 100,000 a day following its official launch.
The Dune Analytics data shows that on August 10, over 136,000 daily users were recorded using the layer 2 network. This figure is the highest ever recorded in Base’s short period of existence.
Base Gains More Traction Following Its Public Release
Base is an Ethereum-based layer-2 network introduced by crypto exchange Coinbase on February 23. According to the firm, Base offers developers a safe, developer-friendly, and cheaper way to build web3-based applications on-chain.
The launch of Base’s beta version in February sparked enthusiasm and anticipation across the crypto community. Many speculated that Base would leverage Coinbase’s vast user base to attract more users to Web3 protocols.
However, when its mainnet version launched on July 13, the team warned that the network wasn’t ready for users. Nevertheless, anticipation continued to build as many wanted to experience the network’s capabilities.
Coinbase officially launched Base chain on August 9, in what the network team tagged the beginning of “Onchain Summer.” As expected, Base is living up to the community’s expectations, with the number of new users rising each day after its public release.
To be exact, Base saw nearly 42,000 new users on August 10 alone. Although it recorded over 60,000 new users on July 31, August 10 stands out and that’s because the network saw over 136,000 daily users on August 10, its highest so far.
Coinbase’s Layer 2 Ranks Fourth Among Top Layer-2 Solutions
An August 10 tweet by CryptoRank revealed that Base ranks 4th when it comes to transactions per second (TPS) among layer-2 solutions. This remarkable feat places Base among top-ranking layer-2 solutions regarding daily transactions per second (TPS).
Following this, Base now tails behind zkSync Era, Arbitrum, and Optimism, representing a robust growth in active users and transactions.
Presently, Base users can bridge Ether to Base, interact with a decentralized crypto exchange, and transact on web-based apps. Also, it allows users to register a “.base” username or launch decentralized autonomous organizations (DAOs).
Meanwhile, the Base network is already moving to attract more users and may soon record a new high in daily users. Base launched a Nouns Prop House grant round on August 10 to fund developers who wish to build on its network.
Developers can submit their projects proposal, and those with higher votes will receive grants to build on Base. Meanwhile, the tweet stated that proposal submission will run till August 18. And only people holding a Base Day One NFT can vote.