Base Layer-2 Network Ascends in Crypto Rankings, Overtakes Arbitrum in Active Addresses
In the dynamic world of cryptocurrency, the race for scalable blockchain solutions is heating up. A recent revelation has placed the Coinbase-supported Base network, a Layer-2 Ethereum network, at the forefront of this space, outstripping Arbitrum regarding the number of active addresses in the present month.
Base’s Active Address Achievements
Data from the analyst group growthepie shows that Base has witnessed significant growth with over 1.48 million active addresses within the first nine days of April. This achievement represents a razor-thin lead over Arbitrum One, which clocks in with 1.43 million active addresses.
While Base excels in the short-term perspective, Arbitrum One narrowly retains its lead over Base with respect to active addresses tallied across the last 30 days, boasting a number of 3.84 million against Base’s 3.76 million.
Ethereum Scaling Solutions in Focus
The ongoing competition between Ethereum scaling solutions has brought to light a variety of innovative networks. Following Base and Arbitrum, contenders such as zkSync Era and Optimism’s mainnet hold respective active address counts of 1.21 million and 650,000, showcasing the broader ecosystem’s vibrancy.
However, not all networks have seen upward trends. Starknet and Mantle experienced the largest decreases in active addresses, dropping 51% and 40% over the last month, respectively.
Base’s TVL and Transaction Milestones
Further reinforcing Base’s growing clout is the recent surpassing of the $4 billion mark in total value locked (TVL) on its protocol. This feat places Base just behind Arbitrum One and OP Mainnet in TVL rankings, per L2BEAT. Additionally, Base’s transaction count over the past month achieved the highest figures – reaching 53.1 million transactions, which is notably higher than those on Arbitrum and Ethereum for the same period.
The Memecoin Frenzy on Base
One of the driving forces behind Base’s uptick in activity is the current craze for memecoins emerging on the network. Memecoins such as Brett (BRETT) and Degen (DEGEN) command impressive market capitalizations within the Base ecosystem — $720 million and $523 million respectively, according to CoinGecko. Toshi (TOSHI) and Normie (NORMIE) also rank as highly circulated memecoins.
Security Challenges and Scams
Nonetheless, this enthusiasm has also brought unwanted attention from malicious actors. Horrifically, Base has seen a staggering surge in phishing scams, with losses amounting to $3.35 million last month alone. Investigations have disclosed that a concerning proportion of memecoins on Base have been identified as fraudulent, and a grand majority present security vulnerabilities, hot spots for potential exploits resulting in substantial user financial jeopardy.
Coinbase’s Role in Base’s Development
Coinbase officially rolled out Base in August and remains its sole sequencer, suggesting complete control over the network by the exchange for the time being. However, plans for progressive decentralization are on the horizon, promising a more autonomous network structure in the future.
The evolution of Layer-2 solutions like Base is pivotal as they enhance the Ethereum ecosystem. These advancements provide a canvas for intricate transactions, fostering innovation and, equally as important, bringing to the limelight an urgent need for heightened security measures within this highly speculative realm. As the demand for efficient, secure blockchain infrastructure intensifies, the conversations around them grow equally pertinent, calling upon the collective industry to focus on sustainable and user-protected growth.
For those looking to dive into the world of blockchain recruitment, the importance of staying abreast of the latest tech trends, security concerns, and market dynamics cannot be overstated. Success in crypto recruitment and talent acquisition hinges on understanding these narratives and leveraging them to access a pool of highly skilled candidates equipped to navigate the challenges and opportunities that come with Layer-2 developments.
As the crypto ecosystem evolves, it’s clear that adaptation and resilience stand as pillars for not only technology but also for the talent that drives it. Despite challenges, the blockchain deployment, exemplified by Base’s recent achievements, underscores the increasing appetite for scalable and efficient digital asset platforms — a sphere where talent acquisition plays an indisputably fundamental role.
