Base, Ethereum’s Layer 2 scaling solution, has seen record-breaking successive months of growth all 2024. User activity, transaction volume and total value locked (TVL) exploded on the platform. This immense growth cemented it as the second biggest player in the blockchain space. This growth is largely credited to creative collaborations like strategic partnerships built on dashboards and other user-friendly tools, as well as a focus on affordability.
Base’s Onchain Summer campaign added to this growth by incentivizing developer and user onboarding. Since its launch, the platform has been wildly successful. It demonstrates the power of Ethereum Layer 2 solutions to lead the way with innovation and adoption in the blockchain space.
Explosive Growth Metrics
Base’s growth trajectory in 2024 has been even more remarkable. In January 2024, the platform was down to only about 300,000 weekly active addresses. By October 2024, that number had skyrocketed to more than 6.61 million — a staggering 2,100% increase! The entrance of these new users is a reflection of the Base ecosystem’s increasing popularity and usefulness.
As a result, daily transactions on Base increased by nearly 2000%. This remarkable surge from 372,000 in Jan 2024 to more than 6.63 million by Oct 2024, an astonishing 1,600% growth. This dramatic increase in transaction volume is a testament to the platform’s scalability and efficiency. The newly defined platform’s Total Value Locked (TVL) jumped 470% year-to-date, hitting $2.52 billion by mid-October 2024.
Base's stablecoin market share has grown significantly. Weekly stablecoin transfer volume is up over 9,800% year-to-date, further entrenching Ethereum as the most popular platform for stablecoin transactions.
Strategic Initiatives and Partnerships
Base has taken a number of strategic steps to promote growth and adoption. The Onchain Summer campaign really inspired a lot of developers and users to get on the platform. It promised a mind-blowing 600 ETH (around $2 million), plus gas credits to attendees. This campaign created a dynamic ecosystem and spurred a wide variety of applications.
Base also enlisted popular brands, such as Atari, to help kickstart the Onchain Arcade. Now it’s possible to play classic arcade games such as Asteroids and Breakout on the blockchain! This collaboration further signifies Base’s commitment to innovation and ability to attract exciting crossovers that reach mainstream audiences. Base provides simple and easy-to-use tools and resources to make it easier for developers to build and innovate.
Affordability and Accessibility
Base’s commitment to affordability has been the leading force behind its rapid expansion. The platform brought fees down by more than 95%, greatly lowering barriers to participation for a much wider audience. This pledge to find affordable solutions is in line with its goal of democratizing blockchain technology.
Base’s transaction fees have declined by more than 95% year-to-date, positioning it as one of the most cost-effective ecosystems for stablecoin transfers. By lowering the cost and barrier to entry for building with blockchain technology, Base has become an attractive destination for various users’ and applications’ fiscal needs.
Base’s ecosystem is incredibly diverse, as Base has over 60% of their active applications non-DeFi. This diversity is indicative of Base’s wide breadth of appeal. That’s because it attracts much more diverse developers and users, far beyond the just DeFi crowd.