Base, a well-known layer 2 network backed by Coinbase, deployed 11.4 million contracts last week. As an Ethereum scaling solution, Base is specifically designed to enhance transaction efficiency, reduce costs, and provide a smooth experience for developers and users.
Base’s recent growth reflects its potential to promote a large developer community and expand the blockchain space.
In the past, the Base chain experienced a surge in activity, with 21,700 contract deployers recorded in a single day on April 20, 2024.
Not only this, but daily active users went up by over 45%, reaching approximately 352,700, while monthly active users have grown by 63.1% to 3.8 million.
What’s Fueling Base Network’s Rapid Adoption?
The growth of the Base Network can be attributed to strategic collaborations and technical advancements. In June 2024, Coinbase and Stripe agreed on a partnership to integrate USDC on Base.
This move facilitates global money transfers across more than 150 countries, benefiting both companies by expanding their reach. Additionally, Stripe added USDC on Base to its fiat-to-crypto onramp into its wallet, enabling instant crypto purchases with Apple Pay and credit cards.
These developments and other integrations have positioned Base as a leading layer 2 solution, attracting numerous decentralized applications and users. Its robust infrastructure and growing suite of features have attracted many decentralized applications, from DeFi protocols and NFT marketplaces to gaming platforms and enterprise solutions.
The network currently has a TVL of almost $3 billion, a DEX volume of $385 million, and 1.5 million active addresses in the last 24 hours. A strong TVL indicates an influx of capital, enhancing Base’s appeal within the DeFi sector.
The Base network has set ambitious targets for 2025, aiming to onboard 25 million users and 25,000 developers and reach $100 billion in on-chain assets by the end of the year. These developments underscore Base’s expanding influence and its potential to contribute to the reshaping of DeFi.
READ MORE: BNB Chain’s DEX Takes Lead with $1.64B Trading Volume
