Base Blockchain, the layer 2 network that Coinbase launched in 2023, is doing well as the ‘crypto winter’ continues.
Data from Nansen shows that the number of users of the network is growing, beating many blockchains such as Avalanche (AVAX), Polygon (POL) and Cronos (CRO).
The number of active addresses rose to a record high of more than 1.964 million, compared to this year’s low of 196,000.
Active addresses of basic network | Source: Nansen
Another figure shows that the number of transactions handled by Base Blockchain has risen to 4.8 million, up from a low of less than 300,000 in January.
Meanwhile, the number of daily deployments across the network rose to a record high of nearly 18,000 earlier this month.
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In contrast, as we wrote this week, Avalanche’s number of active addresses and transactions is down more than 50% this year from its all-time high.
This growth occurred as more developers embraced the network for its high speeds and low transaction fees.
According to DeFi Llama, Base has 348 dApps in the decentralized finance sector and a total value of $1.57 billion, making it the sixth largest chain. The largest DeFi dApps in its ecosystem are Aerodrome, Uniswap, Extra Finance, AAVE and Morpho Blue.
It is also the sixth largest in terms of stablecoins in the ecosystem, with over $1.57 billion. It will likely have more stablecoins if it is included in Tether’s network.
Most importantly, Base Blockchain has also become the third largest chain in the decentralized exchange industry, with its dApps handling $3 billion in volume over the past seven days. This made it bigger than Arbitrum, which processed $2.77 billion.
Developers and users love Base for its low gas costs. According to Nansen, the amount of gas fees has dropped to $50,425, while transactions have increased, compared to more than $2.3 million in March. Base has only made $57 million in fees this year, while Ethereum and Tron have made over $1 billion.
Base’s performance is a good thing for Coinbase, which is losing market share to companies like Crypto.com, Huobi and Bybit.
Coinbase handled a crypto volume worth $66 billion, while the others had a volume of over $70 billion.
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