Coinbase layer-2 network Base has topped 1 million daily active addresses amid a massive surge in the number of new “basenames” registered on the blockchain. 

Base reached a record 1.05 million daily active addresses on Aug. 24 and has fallen slightly to 1.03 million daily active users as of the time of publication. 

This figure represents a 60% growth in the number of daily active addresses since the start of August.

Base topped 1 million daily active users on Aug. 24. Source: Dune Analytics 

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

In comparison, Arbitrum boasts the second-highest number of daily active addresses with 394,000 while Linea reported 198,000 and Mantle with 69,000, according to data from Ethereum L2 data platform growthepie.

Over 200,000 Basenames minted

The record number of new daily active addresses came following the launch of the “ basenames ” service on the blockchain network on Aug. 21. 

Base creator Jesse Pollak noted that over 200,000 new Base.eth usernames had been minted in the first week of the new naming service being live. 

Source: Jesse Pollak

Powered by the Ethereum Name Service platform , Basenames allow network users to purchase a name tied to their Base wallet address, allowing more accessible communication between users on the network. 

Related: Ethereum DApp volumes drop 33% — Is more ETH price weakness ahead?

In comparison, there are 1.96 million active ENS names at the time of publication. It took nearly two years for ENS to reach 200,000 registered addresses.

Base network trading volume pumps

While Basenames are taking off, the Base network has also witnessed growth in financial activity. 

According to DefiLlama data, the total trading volume across the Base network has accelerated in the last five months.

Base now accounts for a 9.25% share of total DEX volume on Ethereum, up from 2.81% in March. 

Base now accounts for 9.25% of all DEX volume on the Ethereum network. Source: DefiLlama

The layer-2 blockchain also notched a record 4 million weekly active addresses amid the network’s “Onchain Summer” campaign on Aug. 20. 

Base launched the “Onchain Summer” event in 2023 to spur adoption for the layer-2 network . 

X Hall of Flame — Coinbase will not mention ‘crypto’ in five years: Avichal Garg