Base, a new leading Layer-2 (L2) solution on Ethereum, just had the fastest-growing launch in history. This success has cemented its place as the behemoth on the scene of the decentralized finance (DeFi) universe. As of this writing, the network’s Total Value Locked (TVL) has absolutely skyrocketed over $6.3 billion. Meanwhile, active addresses have recently spiked to more than 1 million daily. This increase marks a continued trend that more active users are using Base. More importantly, they have faith in it as a first amongst equals for fast, affordable DeFi apps. In addition, Base has rolled out Basenames, a groundbreaking feature that will transform branding and user experience across the Web3 ecosystem.
Base’s success though is an important milestone in the continuing evolution of the Ethereum ecosystem. It adds to their user experience with minimal gas fees and instant transaction speeds. The network's ability to attract a substantial user base and substantial capital highlights its potential to drive further innovation and adoption of decentralized technologies.
TVL Skyrockets as User Activity Surges
Base’s TVL has gone on an exponential run, already cruising past over $6.3 billion. This dramatic increase is a testament to the growing trust and confidence users have in the security, safety and reliability of the entire network. The significant wave of cash emphasizes Base’s attractiveness as a layer-2 home for DeFi projects looking for scalability and cost-efficiency.
Daily active addresses on Base have skyrocketed above 1 million, showing the broad user engagement. Base is now making up 82.3% of the entire active address count on other Layer-2 solutions combined. The network’s share of active addresses compared to other top L2s has increased tremendously from 63% to 82%. This significant jump solidifies its supremacy over the L2 landscape even more.
The dollar amount of transactions going through Base has exploded, evidence of the increased activity across the network. On March 7th, Base set an amazing precedent by adding more than $5 million of new value in a single day. Such an impressive growth rate would be unprecedented for Layer-2 systems. This recent wave of excitement is yet another testament to Base’s overwhelming popularity and its infrastructure’s speed and power to support 1 million+ daily transactions!
Introducing Basenames: A Web3 First
Base also launched Basenames, a pioneering feature that is all set to redefine branding and user experience on the decentralized web. This innovative feature is the first of its kind in the Web3 space, offering users a unique way to identify and represent themselves. Basenames open up exciting new branding opportunities throughout the burgeoning decentralized web. They promote increased user interaction and adoption, improving the user experience.
Basenames provide a much more straightforward and human-readable approach than complex blockchain addresses. This allows users to seamlessly interact with decentralized applications (dApps) and other Web3 services. This more mainstream user experience will help attract a more diverse user base to the Web3 ecosystem. It removes a significant barrier to entry. Basenames assist with the development of customized and individualized profiles and digital identities. This enhances user familiarity and helps create a more cohesive community on the decentralized web.
Basenames is a clear reflection of Base’s dedication to creativity and innovation. It goes to show their commitment to bettering the user experience in the Web3 world. With this breakthrough feature, we can dramatically reshape how users in Web3 and beyond engage with decentralized, self-sovereign technologies. It serves as a foundation for a more inclusive and convenient Web3 experience.
Base's Impact on the Ethereum Ecosystem
Base’s rise opens up what should be an exciting new chapter in the Ethereum ecosystem. From a user perspective, it uniquely serves up the most scalable and cost-effective way to engage with decentralized applications. Base is a Layer-2 solution that makes the world of Ethereum safer, easier, and more fun to use. Enjoy the Ethereum ecosystem benefits without the burden of high gas fees and slow transaction speeds! This has made Base the go-to network for DeFi projects that require speed and low costs, fostering innovation and driving adoption.
The proof of Base’s success is the high tide that floats all Ethereum boats, drawing developers and users to the ecosystem. The network’s increasing adoption, use and activity overall is helping advance and foster the growth of the decentralized finance space. By providing a more accessible and user-friendly platform, Base is helping to bring the benefits of DeFi to a wider audience.
Base’s contribution to the Ethereum ecosystem goes beyond its technical capabilities. The network’s continuous focus on innovation and user experience is raising the bar for Layer-2 solutions. Base’s focus on empowering their users to achieve their goals has fostered a passionate, lively community. Collectively, they’re all examples of the future of the decentralized web – specifically, a federated web.
