Base is one year old, and on-chain results show it is well ahead of other L1 and L2 networks. Introduced by Coinbase, the Base network relied on intuitive Web3 wallets to acquire users without requiring a token.

It became considerably cheaper for end users while increasing the fees generated across the chain. In its first year, Base reported more than 27 million registered wallets and accelerated new user additions. The ‘on-chain summer’ campaign coincided with a period of accelerated user growth.

The Base team has also focused on creating quests, interactions, and accessible NFTs to encourage the use of Base.

Base’s current user growth has expanded DeFi and Web3 usage before fees exceed 0.02.

Among the most widely used features of Base were providing easier and cheaper access to the USDC stablecoin and Uniswap DEX. At the end of July, Base surpassed the threshold of carrying $20 billion worth of USDC and has experienced accelerated growth over the past three months.

As a result, Base received a major boost from the 2024 bull market, bringing its total locked value to 1.44 billion. Base activity grew further in the second quarter as meme token trading increased decentralized exchange transactions.

Base received a clear inflow along with Ethereum (ETH) and Optimism. While Base receives a direct inflow of 1.11 billion dollars, for Optimism this number is 1.01 billion dollars.

Base put the number of daily active users at more than 730 thousand in August, surpassing even the Bitcoin (BTC) network. The influx of users enabled Base to generate $3.39 million in monthly revenue. While other L2 chains remain close competitors to Base, the new chain is slowly expanding its market share.

Last quarter, Base managed to grow its user base and surpass bots with real users. Uniswap V2 became the most active DEX on Base, with 80% of Uniswap users switching from Ethereum to the new chain.

The creation of new meme tokens has also meant that some assets may be scams. Buyers complained about tokens that could only be purchased but were blocked from sale.

Another source of growth for Base came from its native DEX, Aerodrome. The DEX stood out as the seventh largest among the newly expanded markets, with a locked value of over $562K. Aerodrome expanded on Base, accounting for 80% of all trading volume on the most active days.

As of August 5, Aerodrome had the most active trading pair on Base. The DEX pair carried $221.5 million in trading volume between WETH and USDC.

Aerodrome’s usage has just surpassed Uniswap, which is powered by USDC trading pairs. Recently, Aerodrome has surpassed $3 billion in transaction volume, and has become a fee-generating protocol offering a fee-sharing program for veAERO holders and voters.

Another big name on Base is Coinbase NFT Mr. The meme token created from Miggles’ image was MIGGLES. MIGGLES has become a fully verified and tradable token, and as of August 12, buyers outnumbered sellers.

MIGGLES is a relatively well-distributed token with only a few small wallet clusters. The meme token has been trading since July 19 and is currently recovering towards the $0.43 level.