The number of daily active addresses on the Base chain has reached a new all-time high. What does surpassing other L2s mean?

Recently, the number of daily active addresses on the Base chain has surpassed 3 million, overtaking other mainstream Layer 2 networks like Arbitrum and Optimism, setting a new record. This change is not just an isolated technical metric improvement but reflects a structural shift in user behavior, application ecosystems, and traffic entry points within the Layer 2 competitive landscape. Active addresses, as a core indicator of network activity and user engagement, often signal a redistribution of ecosystem resources and developer attention. As Ethereum scaling solutions mature and users become more sensitive to transaction costs and experience, the surge in Base’s activity becomes a key indicator of power shifts in the Layer 2 space.

Core Mechanisms Driving Concentration of Activity

The growth in active addresses on Base mainly results from effective aggregation within its application layer ecosystem. Unlike early Layer 2 solutions that relied on native token incentives to attract users, Base’s growth is increasingly driven by the explosive popularity of social finance, prediction markets, and high-frequency trading applications. These applications naturally feature high user engagement and low operational barriers, maintaining user retention even without token subsidies. Additionally, Base’s deep integration with Coinbase’s user onboarding and fiat channels significantly reduces friction for Web2 users migrating onto the chain. This mechanism shifts user acquisition from “liquidity mining-driven” to “scenario-driven,” creating a more sustainable active user base.

Structural Trade-offs: Ecosystem Choices Without Tokens

Despite impressive active address data, Base’s current structure reveals potential costs. Its lack of native tokens means it lacks immediate tools for liquidity incentives and developer subsidies. When attracting long-term capital and deploying complex DeFi protocols, compared to networks like Arbitrum with mature token economies, Base may face implicit costs such as slower onboarding of top protocols. Furthermore, a high proportion of low-value interactions or bot activity may exist within active addresses. Without effective value-accumulation mechanisms, a thriving address count alone may not directly translate into increased total value locked (TVL) within the ecosystem.

Redefining the Layer 2 Competitive Landscape

Base’s lead in active addresses is reshaping market perceptions of Layer 2 competition. Historically, metrics like TVL, protocol count, and token market cap have been viewed as core indicators of L2 ecosystem health. However, Base’s emergence suggests that user scale and activity are becoming equally or even more critical. This shift is driving L2 competition from “capital efficiency” towards “user entry point” battles. Networks with strong user reach and scenario-based application ecosystems can achieve significant user growth even without native token incentives.

Potential Paths for Ecosystem Evolution

Looking ahead, whether Base’s high growth in active addresses can be sustained depends on its ability to transition from “user scale expansion” to “value deepening.” One possible path is gradually introducing DeFi protocols capable of high-value locking, converting active addresses into effective liquidity providers. Another approach is leveraging its existing user base to promote social and payment applications that generate network effects, establishing a differentiated ecosystem identity from other L2s. Regardless of the chosen path, Base must address the current issue of low value density among active addresses to avoid falling into a “high activity, low value” growth trap.

Risks and Boundary Conditions

Base’s current growth model also faces clear risks. First, its ecosystem heavily depends on a few top applications; if these applications decline in popularity or migrate elsewhere, active addresses could quickly drop. Second, while the tokenless model offers compliance advantages, it may remain passive in cross-chain liquidity competition, especially if other L2s use token incentives to attract liquidity. Third, future upgrades to the Ethereum mainnet could diminish L2 cost advantages; if Base fails to solidify user habits during this period, its growth foundation may face systemic challenges.

Summary

The surpassing of other L2s in daily active addresses marks a shift in the Layer 2 race from “capital and protocol competition” to “user and scenario competition.” Behind this change are innovations at the application layer and the synergy of user entry points, while also exposing the structural costs of a tokenless ecosystem incentive model. For the industry, this trend serves as a reminder to reassess the multi-dimensional valuation of L2s—balancing user scale, activity quality, and value deepening will be key variables in the next phase of competition.

FAQ

1. What is the main reason for the recent high in active addresses on Base? Primarily due to the explosive growth of social finance and high-frequency applications within its ecosystem, along with Coinbase’s fiat entry points and user base providing low-friction onboarding.

2. Does surpassing other L2s in active addresses mean Base has become the top network? Active addresses are an important indicator of network activity, but ecosystem value also depends on total value locked, protocol diversity, and developer engagement.

3. Is the tokenless model an advantage or disadvantage for Base? It offers advantages in compliance and user experience but may face short-term disadvantages in liquidity incentives and developer subsidies, representing a structural trade-off.

4. Is the growth in active addresses on Base sustainable? It depends on whether the ecosystem can shift from expanding user numbers to deepening value, and on the stability of top applications and differentiation in cross-chain competition.