Recently, there has been a noticeable shift in the Layer 2 network landscape, with Base, an Ethereum Layer 2 network incubated by Coinbase, rapidly gaining traction. According to IntoTheBlock’s latest findings, Base now has nearly 40% more daily active addresses compared to the combined total of rival Layer 2 networks such as Arbitrum and Optimism. This substantial growth signifies Base’s increasing dominance in the Layer 2 space, indicating that it is capturing a larger portion of the Ethereum ecosystem’s off-chain transactions.
The significant surge in network activity for Base can be attributed to its ongoing “Onchain Summer” campaign, which aims to promote development on the platform. The campaign, first introduced in 2023 to boost the adoption of Base’s layer-2 network, has proven to be a success. During the month-long initiative, 268,000 wallets minted over 700,000 NFTs, and more than $242 million in crypto was bridged to Base, attracting over 130,000 unique daily users. Building on the success of the previous year, Base has brought back the summer event for 2024, with the goal of enhancing on-chain creativity and encouraging developers to build on the blockchain. This year, the initiative has set aside 600 ETH, worth approximately $2 million, in rewards for participants.
One of the recent developments on the Base network is the introduction of “Basenames,” designed to simplify on-chain identities for users. Basenames allow users to convert complex wallet addresses into readable names, enhancing user interaction within the Base ecosystem. Utilizing the Ethereum Name Service (ENS) infrastructure, Basenames operate similarly to subdomains, enabling ENS domain owners to create and manage multiple subnames. This new feature is expected to streamline the user experience and make it easier for individuals to navigate and engage with the Base network.
Fostering Fairness with Basenames Auction
To ensure fairness in the allocation of Basenames, the Base network has implemented a Dutch auction system. This approach prevents bots from dominating the name registration process and gives all users an equal opportunity to secure their desired names. By employing a transparent and equitable auction mechanism, Base is creating a level playing field for individuals looking to personalize their on-chain identities.
Base’s rapid growth and increasing dominance in the Layer 2 network landscape are evident through its innovative initiatives such as the “Onchain Summer” campaign and the introduction of Basenames. By prioritizing user experience, fostering creativity, and ensuring fairness, Base is solidifying its position as a leading player in the Ethereum ecosystem’s off-chain transactions.
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