Base overtakes Arbitrum for most active addresses so far this month

This month, more Ethereum users have been actively utilizing the Base layer-2 network supported by Coinbase than Arbitrum.

During the initial nine days of April, approximately 1.48 million new active addresses have been registered on the Base network, just surpassing Arbitrum One’s figure of around 1.43 million active addresses based on data from Growthe pie.

The number of active addresses on zkSync Era and Optimism’s mainnet in the Ethereum scaling solution category reached approximately 1.21 million and 650,000, respectively, making them the third and fourth most used platforms within this domain.

Despite this, Arbitrum One has slightly more active addresses than Base in the past thirty days, with a total of 3.84 million against Base’s 3.76 million.

Base overtakes Arbitrum for most active addresses so far this month

Over the past thirty days, there have been significant decreases in the number of active addresses on Starknet and Mantle networks. Specifically, Starknet has experienced a drop of approximately 51%, while Mantle has seen a decrease of around 40%.

Recently, Base has reached a new milestone by exceeding $4 billion in total value secured through its protocol. Based on L2BEAT’s latest data, it is now second only to Arbitrum One and OP Mainnet in this regard.

According to L2BEAT, Base has the highest number of transactions within a 30-day period, with approximately 53.1 million, significantly more than Arbitrum’s 41.2 million and Ethereum‘s 37.9 million during the same timeframe.

The number of active addresses on Base has risen significantly due in part to the recent excitement surrounding memcoins on the Coinbase-backed platform.

According to CoinGecko, Brett (BRETT) and Degen (DEGEN) rank among the biggest memecoins on the Base network, with market values of $720 million and $523 million respectively. Toshi (TOSHI) and Normie (NORMIE) are also popular memecoins that see significant trading activity on the network.

On the downside, the surge in Base’s usage has brought an unfortunate rise in phishing attacks. In just three months, there was a startling 18-fold jump in successful scams, resulting in a significant loss of $3.35 million in the latest period.

According to a current investigation, approximately sixteen percent of memecoins identified as “Base” are suspected to be scams, while ninety-one percent of these coins have been found to contain security weaknesses that put users at risk for significant financial losses.

Coinbase officially launched Base last August. The cryptocurrency exchange is the sole sequencer of Base, according to L2BEAT data — meaning the chain is fully controlled by the exchange.

However, the firm has iterated its intention to progressively decentralize Base over time.

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2024-04-09 07:32