Base Network Achieves New On-Chain Highs

Base has set new records in both transaction count and active addresses on the network. This surge has bolstered the project’s position as a leading L2 solution, according to experts at The Block.

On July 23, the network recorded 3.97 million transactions. In just the last 10 days, this figure has risen from 3.25 million—an increase of approximately 22%.

Simultaneously, the number of active addresses reached 751,490. On July 11, this metric stood at 508,080.

Network fees have also seen significant growth. On Saturday, July 20, fees approached $177,000—a monthly high. This impacted the total weekly value, which reached $967,000.

Analysts noted that Base was expected to capture a significant portion of retail users of L2 solutions due to direct support from Coinbase.

“This forecast is now materializing, as the network has surpassed competitors on Optimistic Rollups technology like Arbitrum and OP Chain in terms of transaction count and active addresses,” they believe.

However, Base significantly lags behind Arbitrum in total value locked—$7.29 billion compared to $17.75 billion. The project surpassed OP Mainnet in June.

Experts believe that one of the drivers of the recent surge in activity on Base was the meme coin MIGGLES, launched on ape.fun—a fork of the pump.fun platform on Solana. The coin’s popularity grew following a tweet from Coinbase’s official X-account featuring an advertisement for a cat with a similar name.

The internet is broken.
Want to update it with us?https://t.co/H9GHgFRvLY pic.twitter.com/D88yYOxt5a

— Coinbase ?️ (@coinbase) July 17, 2024

Since its launch, MIGGLES’ market capitalization has reached nearly $120 million, with a trading volume of $150 million over four days.

In September 2023, Circle, the issuer of USDC, launched a stablecoin on the Base network. The lead developer of the L2 project, Jesse Pollak, reported that the weekly transaction volume of the coin on the blockchain approached $20 billion.

weekly USDC transfers on @base have grown to ~$20B pic.twitter.com/Q30tuYZoaJ

— Jesse Pollak (jesse.xyz) ?️ (@jessepollak) July 22, 2024

Back in December, Coinbase CEO Brian Armstrong stated there were no plans to issue a token for Base.