After much anticipation, Coinabase’s Base network has been launched yesterday, August 9. Previously it was only open to builders and beta testers but is now on its mainnet for the general public.
Base is a layer 2 protocol with Optimism on Ethereum. It is secure, low-cost, and builder-friendly with an emphasis on being builder-friendly. The project aims at on ramping the next billion users and provides a viable base layer for decentralized applications.
It has a whole ecosystem of Base Bridge, SwapBased DEX, and now many dApps that have started deploying on Base, like Aragon for DAO creation, Uniswap for liquidity and swaps, minting NFTs and many more yet to come. Having Coinbase exchange with an enormous user base can enable dApps to leverage its products (fiat onramp) and distribution to reach a wider (verified) audience.
So how are things going when it comes to adoption? Is Coinbase leveraging its user base successfully?
Overall the network is definitely growing. From its early access stage in July, the cumulative account number came up to 388,610.
But the majority of this growth came before the public launch, in the period from mid-July.
Cross-referencing the account’s growth with the new account per day chart, we can see that the majority of account creation occurred around July 30, followed by an increase between August 3 – 7.
These accounts have been using the network to transact. The number of transactions has been steadily increasing as well, but again the majority of transactions came before August 9.
New transactions are as well concentrated around the July 30 period when the number of new accounts grew. It has now started to move in an upward direction so maybe in the coming days a new high will be seen on this metric.
As seen by looking at the on-chain data, the activity on the public launch day isn’t that significant, especially compared to the period from mid-July. It appears that the majority of transactions and accounts are people and projects looking to build and utilize the platform in that capacity.
This is understandable as plane users will come only when there is an adequate infrastructure. Although Base already has an ecosystem, there isn’t much to draw exclusive attention on the project maybe except that is a new one and out of that from Coinbase.