Base Network registers over 1 million active addresses daily after increasing the number of domain names

Coinbase The Layer 2 base network has surpassed 2 million daily active addresses following a surge in the number of new “base names” created on the blockchain.

The network set a new daily active address record of 1.05 million on August 24, according to data from Sand dune analysisThis represents a 60% increase in the number of daily active addresses since the beginning of the month. Since reaching this peak, the number of daily active addresses has decreased to 401,936.

Daily active addresses record comes amid surge in trading activity

The surge in daily active addresses comes on the heels of the launch of the “basenames” service on August 21 on the layer 2 network. In just the first week of the launch of this naming service, over 200,000 new Base.eth usernames were created on the chain.

To be clear, this is still day one. 1B+ basic names or bust. https://t.co/iKyBLeU1Fa

— jesse.base.eth (@jessepollak) August 26, 2024

Alongside the increase in base names, the network has also seen growth in trading activity. Trading volumes across the core ecosystem have increased by 2.81% since March to now account for 9.25% of total DEX volume on Ethereum, according to data from DefiLlama. The layer 2 network also posted a record 4 million weekly active addresses on August 20.

Main meme coins down 4%

Many meme coins on the blockchain layer 2 do not follow the same positive trend as the number of daily active addresses on the network. Over the past 24 hours, Market value For the light sector of the core ecosystem, it decreased by more than 4%.

Britt BRETT, Degen (BASE), Toshi (TOSHI), Mister Miggles (MIGGLES), and Basenji (BENJI) all suffered losses during the last trading session. BRETT, the market leader, is down 4% but is still up over 8% on the weekly timeframe. The rest of the top 5 cryptocurrencies in the market are down over the past seven days.

We’ve reached 3 million, DAWGZ!!!

We will be ending the pre-sale soon. More details will be coming soon 🪂 pic.twitter.com/1frFvcX6HV

— BaseDawgz (@BaseDawgz) August 24, 2024

One basic meme coin stands out from the rest and that is DAWGZ Base. Currently in its pre-sale phase, the cryptocurrency has managed to raise over $3 million. The investor frenzy around the emerging cryptocurrency is likely to continue as investors rush to participate in the project’s lucrative staking program that offers an annual return of 776%. The DAWGZ ICO is set to end in the next 48 hours.

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