Base Network Surpasses Arbitrum as Leading Ethereum Layer-2 Network Amid MemeCoin Frenzy
Summary:
Base, a Coinbase supported network, has overthrown Arbitrum as the leading Ethereum layer-2 network by active addresses this month. Despite Arbitrum One slightly leading on a 30-day tally, Base's active addresses have seen a surge fueled by a recent memecoin frenzy. However, this popularity has also attracted scammers, leading to a substantial increase in successful phishing scams. Coinbase, which launched Base last year and fully controls its sequence, has plans for its progressive decentralization in the future.
In the current month, Base, a network supported by Coinbase, has taken over Arbitrum as the leading Ethereum layer-2 network in terms of active addresses. Over the initial nine days of this April, Base has recorded more than 1.48 million fresh active addresses, slightly ahead of Arbitrum One with 1.43 million active addresses, based on growthepie's data. Ethereum scaling options zkSync Era and Optimism Mainnet complete the top four, with 1.21 million and 650,000 active addresses, respectively. Even so, with 3.84 million active addresses in the previous 30 days, Arbitrum One holds a slight edge over Base that logged 3.76 million.
In the last 30 days, Starknet and Mantle have experienced the most significant declines in active addresses, falling 51% and 40% respectively. This comes as Base has recently surpassed the $4 billion threshold in terms of total value locked on the protocol. As per L2BEAT, it now lags behind only Arbitrum One and OP Mainnet.
With 53.1 million transactions in the last 30 days, Base holds the highest count, comfortably ahead of Arbitrum's 41.2 million and Ethereum's 37.9 million over the same period, as per L2BEAT data. Base's surge in active addresses can be partly attributed to the recent frenzy for memecoins on the Coinbase-backed network.
Brett (BRETT) and Degen (DEGEN) are the largest memecoins on Base, with market caps of $720 million and $523 million each, as per CoinGecko's data. In addition, Toshi (TOSHI) and Normie (NORMIE) are also hotly traded memecoins on the network.
However, the draw of Base has also pulled in scammers, with the network witnessing an 18-fold surge in successful phishing attacks from January to March, resulting in a theft of roughly $3.35 million last month. A recent study revealed that one out of six memecoins on Base are fraudulent, and that 91% of Base memecoins present security risks that could lead to massive losses for users.
Coinbase officially rolled out Base in August of last year. The crypto exchange is the sole sequencer of Base, as per L2BEAT data, implying that the chain is entirely run by the exchange. Nonetheless, the company has indicated plans to gradually decentralize Base in the future.
Published At
4/9/2024 7:15:33 AM
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