Coinbase’s Base network — an OP Stack L2 launched in August 2023 — has achieved a milestone that no other rollup has reached: two million daily active addresses. For context, Ethereum mainnet averages around 400,000 daily active addresses. Base is now processing more unique wallet interactions per day than any major L1 except Solana.
What Is Base and Why Is It Growing?
Base is an Ethereum L2 built using Optimism’s OP Stack. Unlike standalone chains, Base settles to Ethereum mainnet — inheriting its security while offering transaction fees that are 50–200× cheaper for end users. Coinbase’s distribution advantage is the key differentiator: Coinbase Wallet natively points to Base, and Coinbase’s 110M+ verified user base provides a ready distribution channel for onboarding new onchain users.
The Developer Ecosystem: A Deep Dive
- Active contracts deployed: 48,000+ (vs. 32,000 on Arbitrum, 18,000 on Optimism mainnet)
- TVL: $11.2B (third largest L2 behind Arbitrum at $18B)
- Gas token: ETH (no native governance token, unlike competitors)
- Most-used dApps: Aerodrome (DEX), Moonwell (lending), Uniswap V3/V4, and a long tail of social/consumer apps
The “Onchain Summer” Effect
Coinbase ran an “Onchain Summer” campaign in 2023 that introduced Base to millions of existing Coinbase users. The network effects compounded: more users attracted more developers, which attracted more liquidity, which attracted more users. OnchainKit (Coinbase’s developer toolkit for Base) has been integrated into 800+ applications.
“Base succeeded by making Coinbase’s existing moat work for crypto natives instead of against them.” — community analysis at r/ethfinance Base growth thread
Risks and Questions
Base does not have a native token, which raises two related questions: (1) How does Coinbase monetise Base long-term (answer: sequencer fees, currently substantial); (2) Is Base structurally disadvantaged for DeFi bootstrapping vs. chains with token incentive programs? The r/CryptoCurrency decentralisation discussion covers the centralisation concerns — Base’s sequencer is currently fully controlled by Coinbase.