Discover the Base Network — On-Chain Analysis
This week we announced support for the Base network on IntoTheBlock Market Intelligence. Our latest update introduces insightful data on some of the top-performing tokens in the ecosystem, providing over 70 critical indicators for each asset to furnish you with comprehensive insights into the network’s usage and the performance dynamics of the individual tokens.
Today, we spotlight ETH on Base to showcase the depth of analysis you can now access.
Given Base operates as a Layer 2 solution for Ethereum and leverages Ether as its primary token, analyzing Ether’s performance can serve as an excellent way to measure the activity on the Base network. So, let’s delve into the data.
Analyzing Address Metrics
A glance at the total number of addresses with a balance on Base reveals a significant growth trajectory — the figure now stands at 1.23 million, which is roughly a 2x increase from the previous month. While there is substantial ground to cover to reach the heights of L2 leaders like Arbitrum (9.91m addresses) and Optimism (4.84m addresses), the growth trend is optimistic.
Intriguingly, Base surpasses other layer 2 networks in active usage. It boasts a remarkable 30-day average active addresses ratio of 61.03% compared to 4.08% for Optimism and 2.25% for Arbitrum. This indicator shows that although the user base is smaller, they are more active.
We can observe a continuation of this trend in the new adoption rate. This indicator measures the percentage of new users who make their first transactions, which is a great indicator of whether a network has a healthy inflow of new active users. In the case of Base, the new adoption rate comes in at 85.09%, indicating that there is currently a strong influx of new active users.
Analyzing Transaction Data
Analyzing the network transaction data sheds light on the network’s health. In the case of Base, we can observe a seven-day daily average of 499k transactions, with a recent peak of 789k. While this surpasses Optimism’s (368k) transaction volumes, it is lower than Arbitrum’s (798k).
Of course, not all transactions are created equal, and in the case of Base we see a dominance of small transactions, most likely smart contract interactions. We can also see that the total ETH value transacted on base (7-day daily average) is 67.65k ETH, currently worth just over $100 million. Keep in mind that this figure does not include the transaction value of any other tokens on the network.
Ownership Analysis: Spotlight on Retail Growth
Our Market Intelligence platform’s ownership analysis offers a granular view of the diverse holder groups, helping you identify growth trends and activities of large holders.
The current data shows a surge from low-balance addresses, indicating an increase in retail adoption. Conversely, the network appears yet to captivate the interest of high-value holders.
Wrapping Up
As we wrap up our deep dive into the Base network, the data paints a picture of a young network exhibiting growth, fueled largely by enthusiastic retail participation. While still in its early stages, Base is already showcasing indicators that speak of a promising road ahead with a strong active user base.
Our goal is to bring you the most detailed and relevant analytics, helping you make informed decisions whether you’re a retail trader looking for an edge or an institutional investor seeking in-depth market analysis. We hope this analysis provided valuable information and that it has also stirred your curiosity to dive deeper.
And because we’re excited to have you explore this fresh set of analytics, we’re rolling out a warm welcome with a special offer — use the code “based50” to enjoy a 50% discount on your first month’s subscription.
