Base Blockchain, the layer-2 network launched by Coinbase in 2023, is performing well despite the ongoing ‘crypto winter’. Data shows that the network’s user base is expanding, surpassing many other blockchains such as Avalanche, Polygon, and Cronos.

Impressive Growth in User Activity

The number of active addresses on the Base Blockchain has surged to a record high of over 1.964 million, significantly up from the year-to-date low of 196,000. Concurrently, the network has seen a substantial increase in transaction volume, jumping to 4.8 million from less than 300,000 in January.

Increased Developer Engagement

Developers are increasingly adopting the Base Blockchain due to its strong speeds and low transaction costs. According to recent data, the network supports 348 decentralized applications (dApps) in the decentralized finance (DeFi) sector, with a total value locked (TVL) of $1.57 billion. This makes it the sixth-largest chain in terms of TVL.

Top DeFi dApps on Base Blockchain

  • Aerodrome
  • Uniswap
  • Extra Finance
  • AAVE
  • Morpho Blue

Base Blockchain is also the sixth-largest in terms of stablecoins, with over $1.57 billion. The network is expected to grow further when it is included in Tether’s ecosystem.

Dominance in Decentralized Exchanges

Base Blockchain has emerged as the third-largest chain in the decentralized exchange (DEX) industry, with its dApps handling a volume of $3 billion in the last seven days. This surpasses Arbitrum, which processed $2.77 billion in the same period.

Low Gas Fees Attract Users

One of the key reasons for the network’s popularity is its low gas fees. Despite the increase in transactions, the amount of gas fees has fallen to $50,425, down from over $2.3 million in March. Base has generated $57 million in fees this year, which is relatively low compared to Ethereum and Tron, both of which have made over $1 billion.

Implications for Coinbase

The robust performance of Base Blockchain is beneficial for Coinbase, which has been losing market share to competitors like Crypto.com, Huobi, and Bybit. Coinbase handled crypto volume worth $66 billion, while its competitors managed over $70 billion.

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