Crypto News– The Base network, supported by Coinbase, has surpassed Arbitrum to become the leading Ethereum layer-2 network in terms of active addresses for this month.
Base outpaces Arbitrum with the highest count of active addresses observed this month
In the first nine days of April alone, Base has accumulated over 1.48 million new active addresses, narrowly edging out Arbitrum One, which recorded 1.43 million active addresses during the same period, according to data from growthepie.
Other Ethereum scaling solutions, namely zkSync Era and the Optimism mainnet, secured the third and fourth positions with 1.21 million and 650,000 active addresses, respectively.
Although Arbitrum One still maintains a slight lead over Base in terms of active addresses over the last 30 days, with 3.84 million compared to Base’s 3.76 million.
In the meantime, Starknet and Mantle have experienced significant declines in active addresses, with reductions of 51% and 40%, respectively, over the last 30 days.
This trend coincides with Base recently surpassing the $4 billion milestone in total value locked on the protocol earlier in the month. According to L2BEAT, Base now ranks just behind Arbitrum One and OP Mainnet in terms of total value locked.
Additionally, Base leads in the 30-day transaction count, with 53.1 million transactions, surpassing Arbitrum’s 41.2 million and Ethereum’s 37.9 million over the same period, as reported by L2BEAT.
The increase in active addresses on Base has been partly attributed to a recent surge in memecoin activity on the Coinbase-supported network.
Base leads in active addresses for the current month, surpassing Arbitrum
Brett (BRETT) and Degen (DEGEN) stand out as the largest memecoins on Base, boasting market caps of $720 million and $523 million, respectively, according to CoinGecko. Toshi (TOSHI) and Normie (NORMIE) also enjoy significant trading volumes as popular memecoins on the network.
However, Base’s rise in popularity has also drawn the attention of scammers, leading to an 18-fold increase in successful phishing scams on the network from January to March, resulting in a staggering $3.35 million being stolen last month alone.
A recent analysis indicates that one in six memecoins on Base are fraudulent, and a concerning 91% of Base memecoins have security vulnerabilities that could potentially expose users to substantial losses.
Base was officially launched by Coinbase last August. According to data from L2BEAT, the cryptocurrency exchange serves as the sole sequencer of Base, indicating that the chain is fully controlled by the exchange.
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