Coinbase's layer-2 network, Base, has reached a significant milestone, surpassing 1 million daily active addresses amid a surge in registrations for its new "Basenames" service. As of August 24, Base hit a record 1.05 million daily active users, slightly decreasing to 1.03 million users at the time of this report. This marks a remarkable 60% increase in daily active addresses since the beginning of August.

This surge in activity has propelled Base ahead of several other leading protocols. Arbitrum, the next closest competitor, reports 394,000 daily active addresses, while Linea and Mantle trail behind with 198,000 and 69,000 addresses, respectively, according to data from Ethereum L2 platform GrowThePie.

The increase in daily active addresses coincides with the launch of Basenames on August 21. In just one week, over 200,000 new Base.eth usernames were registered. Basenames, powered by the Ethereum Name Service (ENS) platform, allow users to purchase names linked to their Base wallet addresses, simplifying communication across the network. For comparison, it took nearly two years for ENS to reach 200,000 registered addresses, highlighting the rapid adoption of Basenames.

In addition to the growing user base, Base has seen a significant rise in trading volume. Data from DefiLlama shows that Base's share of total decentralized exchange (DEX) volume on Ethereum has climbed to 9.25% in August, up from just 2.81% in March. This growth aligns with Base’s "Onchain Summer" campaign, launched in 2023, which recently helped the network achieve a record 4 million weekly active addresses.