Coinbase’s recently launched layer 2 network, Base, has exceeded over 100,000 daily active users just days after its mainnet went live to the public. According to crypto journalist Colin Wu, Base added 42,000 new users on August 10th, pushing its total user count to 136,047.
This dramatic user growth comes right after Coinbase rolled out Base’s mainnet on August 9th, following months of developer testing. The public launch opened up Base’s suite of decentralized apps and services to crypto users beyond just developers.
Base Network Performance
In the first two days since the mainnet release, Base has seen surging usage and engagement – daily transactions jumped 36% on August 9th and then another 22% day-over-day on August 10th. However, during testing, activity has yet to exceed an all-time high of 607,699 transactions achieved in late July.
Based on the data from Dune Analytics, over $172 million in crypto assets have been bridged to Base so far, led by $137 million in ETH, given Base is built on the Ethereum blockchain. The second highest crypto asset bridged to Base was Circle’s USD Coin (USDC) stablecoin, with $24.6 million bridged, followed by $6.2 million worth of DAI stablecoins.
Why Is Base Network So Popular?
Analysts believe another driver of the user surge is Base’s integration with friends.tech, a social network built on Base that lets users trade shares of popular Twitter accounts. Following the mainnet launch earlier this week, over 100 applications and service providers have been onboarded to the Base network.
The dramatic spike in users and activity highlights the strong interest in exploring Coinbase’s new layer-2 network as an alternative to congested, expensive Ethereum. By utilizing roll-up technology, Base offers significantly faster transaction speeds and lower fees.
These capabilities make Base an attractive option for developers building decentralized apps and users wanting faster and cheaper transactions. For example, transferring ETH from Ethereum to Base cuts fees from around $20 to just $0.10 to $0.30.
The ability for new users to seamlessly bridge ETH and popular stablecoins like USDC to start using Base also lowers barriers to exploring the layer-2 network. Friendly fiat onramps may assist with driving mainstream adoption.
While still early days, Base’s remarkable traction since going live shows the potential demand for scaled layer-2 solutions. Ethereum’s high fees have suppressed the usage of decentralized apps and services. By addressing this pain point, Coinbase’s Base could carve out a unique position despite fierce competition in layer-2.
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