The number of daily active addresses on Coinbase’s Layer-2 scaling blockchain Base surged to an all-time high of 3 million at the beginning of the year after enduring a significant drop near the end of 2024.
According to data from cryptocurrency terminal Artemis, the number of daily active addresses on it had peaked at around 2.7 million on December 22 before enduring a significant slowdown near the end of the year to reach an 832,000 low.
The beginning of 2025, however, brought in a significant spike, with the number of daily active addresses then surging to a new all-time high on the network, whose decentralized finance (DeFi) ecosystem has been steadily growing.
According to data from DeFiLlama, the network’s DeFi ecosystem grew from around $437 million in total locked value at the beginning of 2024 to over $3.7 billion at the time of writing, according to data from DeFiLlama, with decentralized exchanges and lending protocols dominated the rankings within it.
Similarly, volume on decentralized exchanges based on the network exploded from around $35 million at the beginning of last year to now stand above $2 billion a day, down from a $2.5 billion peak seen late last year.
Base’s Active Addresses Grow After Stablecoin Inflow
It’s worth pointing out that the surge in daily active addresses on Coinbase’s layer-2 network surged shortly after it. Solana saw significant stablecoin inflows, even amid a significant cryptocurrency market slowdown.
Those stablecoin inflows, around $75 million on Base and more than $420 million on Solana came as the former’s stablecoin supply was stalling, while Solana’s has been steadily growing.
The change may justify why it saw a significant spike in daily active addresses, while Solana has seen a decline, even amid the growing inflows.
Disclaimer
This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
