Base Blockchain active addresses, transactions hit all-time high

As a seasoned analyst with over two decades of experience in the tech and finance industries, I must say that Base Blockchain’s performance during the ongoing ‘crypto winter’ is nothing short of impressive. Having closely followed the evolution of blockchain networks, I can confidently state that the growth trajectory demonstrated by Base Blockchain is a testament to its strong fundamentals and strategic positioning in the market.


As a keen observer in the realm of digital currencies, I can affirm that Base Blockchain, the layer-2 solution introduced by Coinbase back in 2023, remains robust despite the ongoing ‘crypto winter’.

The analysis by Nansen indicates that our network is experiencing a surge in user count, outpacing several well-known blockchain platforms such as Avalanche, Polygon, and Cronos.

Active addresses reached an all-time peak of more than 1.964 million, marking a significant increase from the lowest point this year which was just 196,000.

Base Blockchain active addresses, transactions hit all-time high

As an analyst, I’ve noticed a significant increase in the volume of transactions being processed on Base Blockchain. The current figure stands at approximately 4.8 million, marking a substantial rise from the minimal 300,000 recorded in January.

Recently, the daily deployment count in our network reached a record high of nearly 18,000 earlier this month.

Contrarily to what we stated this week, the number of active Avalanche addresses and transactions has plummeted by more than 50% compared to its peak this year.

This growth happened as more developers embraced the network because of its strong speeds and low transaction costs. 

Based on data from DeFi Llama, the decentralized finance platform known as Base hosts approximately 348 applications and has a total value of $1.57 billion locked within it. This places Base among the top six largest chains in the decentralized finance industry. The most notable dApps operating on this platform include Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue.

Additionally, it ranks as the sixth largest among stablecoins within the system, boasting over $1.57 billion in circulation. It’s anticipated to grow even larger once integrated into Tether’s network.

To highlight, Base Blockchain has significantly grown to rank as the third largest platform in the decentralized exchange sector. In the past week alone, its dApps have facilitated transactions worth approximately $3 billion, surpassing Arbitrum’s volume of around $2.77 billion.

Users and creators find Base particularly appealing due to its low transaction costs. Despite a rise in transactions, the gas fees on Base dropped significantly to approximately $50,425, a stark contrast from over $2.3 million in March. In comparison, Base has only accrued around $57 million in fees this year, while Ethereum and Tron have collected over $1 billion each.

Improving the performance of Base benefits Coinbase, as it helps Coinbase maintain its position amidst competitors like Crypto.com, Huobi, and Bybit, who are gaining market share.

Coinbase handled crypto volume worth $66 billion while the others had volume of over $70 billion. 

Read More

Sorry. No data so far.

2024-09-14 17:22