The leading Ethereum layer-2 network supported by Coinbase, Base, has surpassed Arbitrum in terms of active addresses this month. In the first nine days of April, Base gained over 1.48 million new active addresses, narrowly beating Arbitrum One with 1.43 million active addresses, according to data from growthepie. The zkSync Era and Optimism mainnet scaling solutions ranked third and fourth with 1.21 million and 650,000 active addresses respectively. However, over the last 30 days, Arbitrum One still maintains a slight lead over Base with 3.84 million active addresses compared to Base’s 3.76 million.
In contrast, Starknet and Mantle have seen significant drops in active addresses, with 51% and 40% declines respectively over the last 30 days. Base recently achieved a total value locked of over $4 billion on the protocol, placing it behind only Arbitrum One and OP Mainnet, according to L2BEAT. Additionally, Base has the highest 30-day transaction count at 53.1 million, surpassing Arbitrum’s 41.2 million and Ethereum’s 37.9 million over the same period, according to L2BEAT.
The increase in active addresses on Base can be attributed in part to the recent craze around memecoins on the Coinbase-supported network. Memecoins like Brett (BRETT) and Degen (DEGEN) have substantial market caps of $720 million and $523 million respectively, according to CoinGecko. Toshi (TOSHI) and Normie (NORMIE) are also highly traded memecoins on the network.
However, the popularity of Base has also attracted scammers, leading to an 18-fold increase in successful phishing scams from January to March, resulting in a loss of $3.35 million last month. An analysis revealed that one in six memecoins on Base are scams, and 91% of Base memecoins have security vulnerabilities that could expose users to significant losses.
Base was officially launched by Coinbase in August last year, with the cryptocurrency exchange acting as the sole sequencer of Base, according to L2BEAT data. However, Coinbase has expressed its intention to gradually decentralize Base over time.
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