Coinbase's layer-2 network, Base, has set a new milestone by surpassing 1 million daily active addresses. The network reached a record 1.05 million daily active addresses on August 24. As of now, it has slightly decreased to 1.03 million daily active users.

A Surge in New Basenames

The significant rise in active addresses is primarily attributed to the launch of the 'basenames' service on August 21. Base creator Jesse Pollak noted that over 200,000 new Base.eth usernames were minted in the first week alone.

This naming service, powered by the Ethereum Name Service platform, allows users to purchase a name tied to their Base wallet address, simplifying communication on the network.

"Following the recent uptick in users, Base now has more daily active addresses than the next several protocols combined."

For context, Arbitrum, the second-highest in terms of daily active addresses, boasts 394,000. At the same time, Linea and Mantle report 198,000 and 69,000, respectively, according to data from the Ethereum L2 data platform growing the pie.

Base Network Trading Volume Pumps

While Basenames are surging, the Base network has also seen substantial growth in financial activity.

According to DefiLlama data, the total trading volume across the Base network has accelerated over the last five months. Base now accounts for a 9.25% share of total DEX volume on Ethereum, up from 2.81% in March.

Onchain Summer Campaign

The network's 'Onchain Summer campaign has been a significant driver of this growth. Launched in 2023, the event aims to spur the adoption of the layer-2 network. As a result, Base notched a record 4 million weekly active addresses on August 20.

In comparison, there are currently 1.96 million active ENS names. ENS took nearly two years to reach 200,000 registered addresses, highlighting the rapid adoption of Basenames on the Base network.