Blockchain News

BASE Network Update: Exploring Growth from Mainnet Launch and More

Base Network has been picking up steam since its mainnet launch, and is showing signs of improving its ecosystem

Summary

  • BASE Network, an Ethereum L2 solution, combines security, stability, and scalability, ideal for dApps and seamless transitions from Ethereum L1.
  • Powered by Optimism's OP Stack, it promises a “superchain” vision of interconnected L2s.
  • Since its August 9 launch, BASE witnessed over 100% growth in unique addresses and surpassed Ethereum's daily transaction volume on August 21.
  • Collaborations include the Onchain summer festival and an upcoming deep dive exploration by Uniswap starting September 24.

As the crypto and decentralized finance (DeFi) worlds evolve, new and promising networks emerge to tackle current challenges. One of these is the BASE Network, and this update aims to shed light on its recent developments and significance in the industry.

What is BASE Network?

BASE is an Ethereum layer2 blockchain. It combines the best of security, stability, and scalability essential for Decentralized Applications (dApps). Whether you're a developer looking to deploy any EVM (Ethereum Virtual Machine) codebase or a user wanting a seamless transition from Ethereum L1 and other interoperable chains, BASE ensures a smooth experience.

The Power Behind BASE: Optimism's OP Stack

Behind BASE's robustness is Optimism's OP Stack. It’s an open-source platform recognized for being a public good. But what makes it genuinely noteworthy is its potential to serve as the foundation for a “superchain” of L2s. This "superchain" vision entails multiple L2s sharing crucial features like interoperability, sequencing, and governance, elevating the L2 ecosystem's capabilities.

Significant Milestones: From Launch to Now

Since its mainnet launch on August 9, the Base Layer2 network, pioneered by Coinbase, has been about promise and delivering results. One testament to its growing influence in the DeFi space is its ETH grants for budding builders and creators. Learn more about Base’s ETH Grants in our article HERE

Although there hasn't been any chatter about a native $BASE token, the growth metrics speak volumes. Since its launch, the protocol's unique address count has skyrocketed. Data from Basescan reveals an over 100% increase from 532,527 to 1,112,603. This isn't just a stagnant number, as the protocol records a daily increase of 72,713 addresses.

Chart showcasing the significant increase in Base daily transaction volume | Source: Basescan

Further, August 21 marked a historical day for BASE when it recorded daily transactions exceeding 1.4 million, outpacing the Ethereum blockchain's 1,010,718 on the same day. The sheer volume showcases the burgeoning interest and interaction from the crypto community.

Currently, BASE proudly stands with over 15 million transactions, and the count appears to be growing.

Protocols and Collaborations: Expanding the BASE Ecosystem

The BASE network is about fostering a rich ecosystem. Several renowned protocols find their home on BASE. Noteworthy mentions include the native NFT collection by Cocacola and a decentralized social platform named Friends.tech.

Moreover, the ongoing Onchain summer festival encapsulates the spirit of BASE. This festival celebrates art, culture, music, gaming, and beyond. With daily mints in partnership with over 50 of the globe's leading brands, creators, and artists, BASE is truly a nexus of innovation and collaboration.

The Future: What's Next for BASE?

There’s always seems to be something brewing in the BASE ecosystem. Starting September 24, Uniswap, a leading Decentralized Exchange (DEX), plans to explore the BASE world in depth. Through blog posts, AMAs (Ask Me Anything sessions), and tweets, Uniswap aims to bring BASE's capabilities closer to its community.

In summary, BASE Network is not just another player in the crypto world. With its robust infrastructure, growing community, and promising collaborations, it could be poised to redefine the DeFi landscape.

What is Base:

Base is a secure, low-cost, developer-friendly Ethereum L2 built to bring the next billion users to Web3. Base is built as the optimum environment for budding developers in Web3 to build on using their RPC testnet endpoint or choose from Node providers: QuickNode, Infura, and Blockdaemon.

Find more about Coinbase here:

Website | Twitter | Blog |

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