In recent times, there has been a noticeable shift in the Layer 2 network landscape, with Base, an Ethereum Layer 2 network incubated by Coinbase, making significant strides. According to the latest data from IntoTheBlock, Base now has nearly 40% more daily active addresses compared to the combined total of its rivals, Arbitrum and Optimism. This surge in growth indicates Base’s growing dominance in the Layer 2 space, showcasing its ability to attract a larger share of off-chain transactions within the Ethereum ecosystem.
The Success of the “Onchain Summer” Campaign
Base’s recent success can be partially attributed to its “Onchain Summer” campaign, which aims to promote development on the platform. Originally launched in 2023 to drive adoption of the layer-2 network, the “Onchain Summer” event has proven to be a major success. During the month-long initiative, over 268,000 wallets minted more than 700,000 NFTs, and more than $242 million in crypto assets were bridged to Base, attracting over 130,000 unique daily users.
Building on the achievements of the previous year, Base has brought back the summer event for 2024, with a focus on boosting on-chain creativity and incentivizing developers to build on the blockchain. With rewards totaling 600 ETH, valued at around $2 million, participants are encouraged to take part in the initiative, which kicked off in June and will run through August.
Introducing Basenames for Simplified User Interaction
Recently, the Base network introduced “Basenames,” a feature aimed at simplifying on-chain identities. By allowing users to convert complex wallet addresses into readable names, Basenames enhance 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. This functionality is expected to streamline user experience and make interactions more efficient within the network.
To ensure transparency and fairness, Basenames will be offered through a Dutch auction process. This approach prevents bots from monopolizing the name registration process, giving all users an equal opportunity to secure their desired names and contribute to the vibrant Base community.
Base’s rapid growth in the Layer 2 network space is a testament to its innovative solutions, strategic initiatives, and commitment to enhancing user experience. By introducing features like Basenames and hosting successful campaigns like “Onchain Summer,” Base is solidifying its position as a key player in the evolving Ethereum ecosystem. With continued development and community engagement, Base is poised to shape the future of Layer 2 networks and contribute to the broader decentralization of blockchain technology.
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