Base Blockchain, the layer-2 solution introduced by Coinbase in 2023, is thriving amidst the ongoing ‘crypto winter.’
Data from Nansen indicates that the network’s user count is increasing, surpassing several blockchains such as Avalanche (AVAX), Polygon (POL), and Cronos (CRO).
The active address count surged to a record-breaking 1.964 million, up significantly from the year-to-date low of 196,000.
Additionally, the total transactions processed by Base Blockchain climbed to 4.8 million, up from January’s low of fewer than 300,000.
Moreover, the number of daily deployments within the network reached an unprecedented high of nearly 18,000 earlier this month.
In contrast, as highlighted this week, Avalanche’s active addresses and transactions have decreased by over 50% compared to its peak this year.
This expansion has occurred as more developers are adopting the network due to its impressive speed and low transaction fees.
According to DeFi Llama, Base supports 348 dApps in the decentralized finance sector and has an overall value locked of $1.57 billion, making it the sixth-largest chain. The top DeFi dApps within its ecosystem include Aerodrome, Uniswap, Extra Finance, AAVE, and Morpho Blue.
It is also ranked sixth in terms of stablecoins in the ecosystem, with over $1.57 billion. The total is expected to increase when it integrates into Tether’s network.
Notably, Base Blockchain has emerged as the third-largest chain in the decentralized exchange sector, with its dApps processing $3 billion in volume over the past week. This volume surpasses that of Arbitrum, which handled $2.77 billion.
The appeal of Base lies in its low gas fees. Nansen reports that while transaction numbers have surged, gas fees decreased to $50,425 from over $2.3 million in March. Base has generated only $57 million in fees this year, while Ethereum and Tron have each reported over $1 billion.
The success of Base is beneficial for Coinbase, which is facing increased competition from firms such as Crypto.com, Huobi, and Bybit.
Recently, Coinbase recorded a crypto volume of $66 billion, while its competitors collectively surpassed $70 billion.
