In recent times, the Layer 2 network landscape has witnessed a significant shift, with Base, an Ethereum Layer 2 network incubated by Coinbase, making impressive strides. According to research conducted by IntoTheBlock, Base now boasts nearly 40% more daily active addresses compared to its competitors, Arbitrum and Optimism. This substantial growth underscores Base’s increasing dominance in the Layer 2 ecosystem, indicating that it is capturing a larger share of off-chain transactions within the Ethereum network.
The recent surge in network activity can be attributed to Base’s ongoing “Onchain Summer” campaign, which was launched to promote development on the platform. Initially introduced in 2023 to drive the adoption of its Layer 2 network, the “Onchain Summer” initiative has proven to be a success. During the month-long event, 268,000 wallets minted over 700,000 NFTs, with more than $242 million in crypto being bridged to Base, attracting a staggering 130,000 unique daily users. Building on the achievements of the previous year, Base has revived the summer event for 2024, with a focus on fostering on-chain creativity and encouraging developers to build on the blockchain.
Adding to its list of innovative features, the Base network recently introduced “Basenames” to simplify on-chain identities for users. This new feature allows users to convert complex wallet addresses into readable names, enhancing user interaction within the Base ecosystem. Leveraging the Ethereum Name Service (ENS) infrastructure, Basenames operate similarly to subdomains, enabling ENS domain owners to create and manage multiple subnames. The introduction of Basenames is expected to streamline user experience and facilitate a more user-friendly environment within the Base network.
In a bid to ensure fairness and prevent bots from dominating the name registration process, Basenames will be made available through a Dutch auction. This approach gives everyone an equal opportunity to secure their desired names, contributing to a more equitable and inclusive environment within the Base network. By implementing this auction mechanism, Base aims to foster community engagement and participation while enhancing the overall user experience.