The Base Blockchain, the layer 2 network launched by Coinbase in 2023, is doing well as the “crypto winter” continues.
Nansen Data shows that the network’s user base is growing and outpacing many blockchains such as Avalanche (AVAX), Polygon (POL), and Cronos (CRO).
The number of active addresses rose to a record high of more than 1.964 million, up from a year-to-date low of 196,000.
Another figure reveals that the number of transactions processed by the Base Blockchain has jumped to 4.8 million, up from a low of less than 300,000 in January.
Meanwhile, the number of daily deployments to the network rose to an all-time high of nearly 18,000 earlier this month.
In contrast, as we wrote this week, Avalanche The number of active addresses and transactions is down more than 50% from its high this year.
This growth has occurred as more developers adopt the network due to its strong speeds and low transaction costs.
according to Davey’s CallBase has 348 dApps in the DeFi industry and a total value locked of $1.57 billion, making it the sixth largest chain. The largest DeFi dApps in its ecosystem are Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue.
It also ranks sixth in terms of the number of stablecoins in the ecosystem, with over $1.57 billion. It is likely to have more stablecoins when it is included in the Tether network.
More importantly, Base Blockchain has also become the third-largest blockchain in the decentralized exchange industry, with its dApps handling $3 billion in volume in the past seven days. That makes it larger than Arbitrum, which processed $2.77 billion.
Developers and users love Base for its low gas fees. According to Nansen, while its transactions have jumped, the amount of gas fees has dropped to $50,425, from more than $2.3 million in March. to make Ethereum and Tron have only generated $57 million in fees this year while Ethereum and Tron have each generated over $1 billion.
Base’s performance is good news for Coinbase, which is losing market share to companies like Crypto.com, Huobi, and Bybit.
Coinbase It has been dealt with. The value of cryptocurrency trading reached $66 billion, while the volume of trading in other currencies reached more than $70 billion.