Breaking
December 4, 2024

Crypto News | Here’s Why Daily Active Addresses on Base Have Surged Past 2 Million | usagoldmines.com

Base, the Ethereum layer-2 protocol developed by crypto exchange Coinbase, has recently witnessed a surge in its activities, resulting in a significant increase in its daily active addresses.

According to data from the on-chain analytics platform IntoTheBlock, the increase in Base’s daily active addresses can be linked to the launch of Coinbase Wrapped Bitcoin (cbBTC) and the introduction of the Base Name Service (BNS).

Base Active Addresses Surge

Coinbase launched cbBTC on Base and Ethereum on September 12, months after integrating the Lightning Network for bitcoin (BTC) transfers on the protocol. The wrapped token is backed 1:1 by BTC and held by the crypto exchange. It offers users access to several decentralized finance (DeFi) applications, protocols, use cases, and features.

In less than two weeks after its launch, cbBTC has garnered over 3,500 users, with an average of $472 million in BTC settled on Base daily.

Although cbBTC contributes significantly to the growth of Base’s daily active addresses, IntoTheBlock said the hype around BNS is playing an even bigger role.

Coinbase launched the Basenames service on August 21. The service allows users to establish their identity on the network by registering human-readable names for their addresses. Like the Ethereum Name Service (ENS), it ensures a unified name service and on-chain identity experience for everyone on Base.

Basenames Play Major Role

Barely three days after Coinbase introduced Basenames, the number of daily active addresses on Base reached a record 1.05 million. The figure has now doubled and surpassed two million just a month afterward.

Data from the Ethereum layer-2 analytics platform GrowThePie shows that Base currently accounts for 70% of the active addresses among layer-2 networks based on Ethereum, followed by Arbitrum, which accounts for 9.6%. Base surpassed Arbitrum in late June and has remained ahead of the protocol since then. Over the past week, Base has seen over 6.8 million active addresses, while Arbitrum recorded less than 943,000 addresses.

It is worth mentioning that cbBTC has faced many criticisms while contributing to Base’s growth. The crypto community has raised concerns about Coinbase’s lack of transparency in its Bitcoin reserves and the token’s user agreement, which suggests the exchange would not fully reimburse users for BTC lost due to malicious activity or unforeseen events.

The post Here’s Why Daily Active Addresses on Base Have Surged Past 2 Million appeared first on CryptoPotato.

  The increase in Base’s daily active addresses can be linked to the launch of Coinbase’s Wrapped Bitcoin and the introduction of the Base Name Service. AA News, Crypto News, Base, Coinbase 

Recent:

Cardano introduces plan 529 ahead of Plomin hard fork upgrade Brenda Kanana | usagoldmines.com
China’s AI boom raises 2 massive censorship red flags Shraddha Sharma | usagoldmines.com
Crypto regulations, security risk buzzes India Blockchain week Ashish Kumar | usagoldmines.com
Dogecoin Price Continues Trading Sideways But Bullish Pennant Says Get Ready For $1.30 Scott Mathers...
New York Mayor Eric Adams has the last laugh as Bitcoin hovers near $100k Gino Matos | usagoldmines....
Big $KOII Airdrop for Solana Seeker Pre-Orders Victor | usagoldmines.com
3 Top Low-Cap Altcoins: Best to Buy Now Stu L | usagoldmines.com
Coinbase Assets adds Gigachad (GIGA) and Turbo (TURBO) to its roadmap Hristina Vasileva | usagoldmin...
Citadel CEO Ken Griffin says he regrets not buying crypto in its bear market Florence Muchai | usago...
XRP’s meticulous 80% rise in 7 days: Is Forbes’ ‘Zombie Token’ list the next inverse fund bet? Shrad...
Putin says America is “eroding the foundation of its own economic dominance” Jai Hamid | usagoldmine...
Vestra DAO (VSTR) smart contract exploited less than a month after its launch Hristina Vasileva | us...
2 IcomTech Ponzi scheme promoters sentenced to 10 years in prison Florence Muchai | usagoldmines.com
Music Group Abba’s co-founder says ‘very unfair’ AI poses threat to artists revenue Hannah Collymore...
Donald Trump officially appoints pro-crypto Paul Atkins to replace Gary Gensler as SEC Chair Florenc...
Shibarium Upgrade Sparks SHIB Rally – Can It Propel Shiba Inu to $1? Hassan Shittu | usagoldmines.co...
Sol Strategies Sets the Stage for Growth with New Validator Acquisition Hassan Shittu | usagoldmines...
Binance Coin Hits All-Time High With Market Buzz Growing Around a New Coin Launch Tim Hakki | usagol...
Donald Trump Considering Caroline Pham, Perianne Boring for CFTC Chair Julia Smith | usagoldmines.co...
Why Are XRP and Cardano Going Up? This Low Cap Utility Token Blasts Past $2M In ICO  Tim Hakki | usa...
Grayscale’s Spot Solana ETF Could Ignite SOL to $400 – Here’s Why Bulls Are Watching Simon Chandler ...
BIT Mining Continues Focus on Litecoin and Dogecoin Mining Hongji Feng | usagoldmines.com
Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally Sebastian Villafuerte | usagoldmines.co...
Unyted + Vesa Vesa | usagoldmines.com
Trump confirms nomination of Paul Atkins as the new SEC chair Gino Matos | usagoldmines.com
Putin says Bitcoin is inevitable, endorses BTC over US dollar as global reserve currency Assad Jafri...
Tron’s TRX Copies XRP With Epic 70% Price Explosion To New All-Time High Of $0.43 Brenda Ngari | usa...
Michael Saylor Goes Mega Bullish, Points to $180,000 Bitcoin Price Aliyu Pokima | usagoldmines.com
Flockerz Raises $4.3M in Presale, Set to Become the Next Meme Coin Like $PNUT – $1B Market Cap Poten...
XRP Traders Rotate Profits Into Trending Meme Coin Catslap, $SLAP Price up 272% in 7 Days, CEX Listi...
BNB Price Surge: Upbeat Momentum Builds After $724 Breakout Godspower Owie | usagoldmines.com
South Korea’s crypto volumes spike as Woori eyes over $300 million Upbit exit Oluwapelumi Adejumo | ...
2024’s top performing layer 1 networks: CoinGecko report Florence Muchai | usagoldmines.com
The global economy might miss its chance for growth recovery next year, says OECD Jai Hamid | usagol...
The Fed’s reaction to Trump’s tariffs will be powerful – and quite negative Jai Hamid | usagoldmines...
Russia’s president Putin goes full-on pro-crypto, says no one can ban Bitcoin Jai Hamid | usagoldmin...
Exchange tokens BNB, BGB, and GT hit all-time high (ATH) levels Florence Muchai | usagoldmines.com
Tron to adopt MicroStrategy’s playbook Brenda Kanana | usagoldmines.com
Ripple’s RLUSD stablecoin launch set for Dec 2024 – Here’s all you need to know before the launch Fl...
Regulatory uncertainty to blame for dismal uptake of stablecoins in global e-commerce Nellius Irene ...
Crypto’s Biggest Ever Meme Coin Presale Pepe Unchained ($PEPU) Raises an Unprecedented $70 Million a...
XRP Surges Amid Bullish Wedge Pattern – Analyst Claims It Will Never Drop ‘Below $2 Again’ Simon Cha...
Best Crypto to Buy Now December 4 – TRX, HYPE, MNT Jimmy Aki | usagoldmines.com
Safe Aims for Visa-Like Crypto Payments with Safenet Cross-Chain Transactions Hassan Shittu | usagol...
U.S. Government Transfers $33.6 Million in Seized FTX Crypto to Strange Addresses Jimmy Aki | usagol...
PEPE Price Surges 128% in November, While WEPE Token Presale Storms to $400K – Could $WEPE Be Decemb...
Hut 8 Launches $500M ATM Program and $250M Stock Repurchase Plan Hongji Feng | usagoldmines.com
The Fed’s reaction to Trump’s tariffs will be powerful – and quite negative Jai Hamid | usagoldmines...
$1.87B Bitcoin Withdrawals From Coinbase In 24H – What This Means To Price Sebastian Villafuerte | u...
Ethereum Price Is About To Confirm A Golden Cross On The Daily Time Frame, Here’s What Happened Last...
2024’s top performing layer 1 networks: CoinGecko report Florence Muchai | usagoldmines.com
Ripple, Cardano lead altcoin surge as market cap nearly doubles to $1.55 trillion Oluwapelumi Adejum...
Australia’s ASIC explores stablecoins, wrapped tokens in new crypto framework Oluwapelumi Adejumo | ...
PancakeSwap introduces SpringBoard, its own meme token launch platform Hristina Vasileva | usagoldmi...
Argo Blockchain Records $3.4 Million Revenue Despite Decline in Bitcoin Mining Jimmy Aki | usagoldmi...
Bitcoin Price Action Forms ‘Symmetrical Triangle’ Pattern – Breakout to $100,000 Incoming? Simon Cha...
XRP Under The Microscope: Will It Break $2.9? Key Support Levels And Future Targets Ronaldo Marquez ...
Phantom Wallet Simplifies Crypto with Email and PIN Victor | usagoldmines.com
GAIB Secures $5M to Create AI Compute Economic Layer Victor | usagoldmines.com
Magic Eden Launches on Sei Network Victor | usagoldmines.com
Celebrating Crypto’s Early Icons: BTCC OG Week Honors Bitcoin and Meme Coin Pioneers KEY Difference ...
Australia’s ASIC proposes updates to crypto asset guidance Vignesh Karunanidhi | usagoldmines.com
Britain plans to take on the US as a global crypto hub — but can they? Florence Muchai | usagoldmine...
Bank of Korea Governor says interest rate cuts unlikely after unprecedented political unrest Florenc...
Tezos Aims to Democratize Uranium Trading with Blockchain-Based Uranium.io Platform Ruholamin Haqsha...
U.S. Spot Bitcoin ETFs See $676M in Inflows as Holdings Surpass 1M BTC Ruholamin Haqshanas | usagold...
If Dogecoin Mirrors Last Cycle, The Surge To $4 Begins At Week’s End Jake Simmons | usagoldmines.com
After Ripple’s XRP surge price now compares to America’s top 100 companies by market cap Oluwapelumi...
Phantom Safe from Solana Web3.js Bug; Upgrade to 1.95.8 Urged Hassan Shittu | usagoldmines.com
PancakeSwap Reveals No-Code Token Launchpad Platform ‘SpringBoard’ Sead Fadilpašić | usagoldmines.co...
Missouri Senate introduces bill to disqualify CBDCs as legal tender Liam 'Akiba' Wright | usagoldmin...
Bitcoin Well Adopts Canada’s First Bitcoin Treasury Victor | usagoldmines.com
Former Celsius CEO Alex Mashinsky Pleads Guilty to Fraud Victor | usagoldmines.com
Why is the crypto market down today? Liquidations near $600M, and bulls take a rest Florence Muchai ...
Whales are accumulating Solana (SOL) and Pepe (PEPE), what may be the reason? Hristina Vasileva | us...
Whale Activity Sparks Chainlink Rally, $52 Target On Traders’ Radar Christian Encila | usagoldmines....
Coinbase faces backlash over discouraging VPN access due to security concerns Oluwapelumi Adejumo | ...
Bitcoin Drops 30% on Upbit Amid South Korean Martial Law Victor | usagoldmines.com
South Korea Delays Crypto Tax for Two Years Victor | usagoldmines.com
Dubai’s virtual asset regulator issues alert against XT.com and six other crypto entities Lara Abdul...
South Korean Won strengthens, while XRP, BTC, and equities tank amid calls for the president to step...
XRP Price Eying Biggest Run In Years As Expert Tip Massive Bull Flag Pattern Aliyu Pokima | usagoldm...
Hut 8 Moves to Dismiss Shareholder Lawsuit, Claims It Stemmed From a Short Seller Ruholamin Haqshana...
Ethereum Price Dips, But Analysts Predict Explosive Surge to $15,000—Here’s Why Samuel Edyme | usago...
Bitcoin ETFs cross $1 billion in early December as price threatens $100k Liam 'Akiba' Wright | usago...
XRP Price Prediction: Can It Break Through the $3 Barrier Before January? Qadir AK | usagoldmines.co...
Australia’s New Crypto Rules Says Crypto Compliance No Longer Optional!  Mustafa Mulla | usagoldmine...
Virgin Voyages Accepts Bitcoin for Annual Cruise Pass Victor | usagoldmines.com
Binance Coin (BNB) breaks to new ATH, boosted by general altcoin trend Hristina Vasileva | usagoldmi...
Wall Street’s December opens cold, but a thaw may be around the corner Jai Hamid | usagoldmines.com
Siberian Local Gov’t Official Caught ‘Illegally Mining Crypto in His Garage’ Tim Alper | usagoldmine...
Ex-Celsius CEO Alex Mashinsky Pleads Guilty to Fraud Charges in Crypto Lender Scandal Shalini Nagara...
Australia’s Financial Watchdog Calls for Opinions on Digital Asset Regulation Updates Shalini Nagara...
South Korea Hits Record $34 Billion Trade Volume as President Declares Martial Law Ruholamin Haqshan...
‘Bitcoin Jesus’ Roger Ver Fights Tax Case, Claims Violation of Constitutional Rights Shalini Nagaraj...
Hydra Founder Sentenced to Life in Prison by Russian Court for Running $5 Billion Crypto Black Marke...
Solana supply chain attack contained, but users face six-figure losses Oluwapelumi Adejumo | usagold...
Crypto News | XRP, DOGE Fuel Massive Change in South Korea’s Market Structure: Details Wayne Jones ...
Crypto News | Pandana (PNDN) Reaches $600K Presale Milestone in Evolving Memecoin Market Chainwire ...
Crypto News | Tron (TRX) Enters ‘Banana Zone’ Exploding 70% to All-Time High Martin Young | usagold...

By

Leave a Reply