The Base network has surpassed the daily active address threshold of more than 1 million, with a huge increase in new “basenames” records on the blockchain. This significant development reflects the rapid increase in the number of users and the overall growth of the network.

Base, which reached 1.05 million daily active addresses on August 24, decreased slightly to 1.03 million daily active users at the time of publishing this article. This shows that the network has experienced a 60% increase in the number of daily active addresses since the beginning of August.

While this growth has increased the popularity of Base, it has also caused it to lag behind other layer-2 protocols. By showing such a large increase in the number of daily active addresses, Base has more active addresses than other layer-2 solutions such as Arbitrum, Linea and Mantle combined.

Arbitrum ranks second with 394,000 daily active addresses, while Linea is behind with 198,000 and Mantle with 69,000 daily active addresses. This data is from Ethereum L2 data platform GrowThePie and reveals how fast Base is growing.

This record in new daily active addresses came as a result of the “basenames” service launched on the blockchain network on August 21. Jesse Pollak, the creator of Base, stated that more than 200,000 Base.eth usernames were mined in the first week of the new naming service.

Powered by the Ethereum Name Service (ENS) platform, Basenames allows users to purchase a name linked to their Base wallet address. This offers more accessible and efficient communication between users on the network.

This development is quite remarkable when compared to ENS’s current number of active names. ENS currently has 1.96 million active names, and it took nearly two years for ENS to reach 200,000 registered addresses.

Such rapid adoption of Basenames shows how quickly the Base network is expanding its user base and how effectively the platform is growing.

Alongside the success of Basenames, the Base network has also experienced significant growth in financial activities. According to DefiLlama data, total transaction volume on the Base network has accelerated in the last five months. While this increase increases Base’s influence in the industry, it also intensifies its competition with other layer-2 solutions.

Base accounts for 9.25% of the total decentralized exchange (DEX) volume on Ethereum. This rate was 2.81% in March, and this significant increase indicates that Base is increasing its influence in financial activities. Additionally, Base broke another record with 4 million weekly active addresses during the network’s “Onchain Summer” campaign on August 20. This campaign was a large-scale event aimed at encouraging the adoption of layer-2 networking.

The Base network is experiencing remarkable growth, with a large increase in daily active addresses and an acceleration in financial activities. The innovations brought by the “Basenames” service and the “Onchain Summer” campaign are among the important factors supporting the success of Base. These developments strengthen Base’s role in the Ethereum ecosystem and increase its competition with other layer-2 solutions.