Base has passed arbitrage for most active addresses this month

The Coinbase-backed Base Network has now overtaken Arbitrum as the leading Ethereum Layer-2 network in active addresses this month.

Base saw more than 1.48 million new active addresses in the first nine days of April — narrowly beating Arbitrum One with 1.43 million active addresses, according to data from growthepie.

Ethereum blockchain solutions zkSync Era and Optimism mainnet round out the top four with 1.21 million and 650,000 active addresses respectively.

However, Arbitrum One still has a slight lead over Base with 3.84 million active addresses in the last 30 days, compared to Base's 3.76 million.

Meanwhile, Starknet and Mantle saw the biggest declines in addresses over the past 30 days at 51% and 40% respectively.

Base will soon surpass $4 billion of the total value locked on the protocol at the beginning of the month. Currently only monitors Arbitrum One and OP Mainnet according to L2BEAT.

Base also holds the largest 30-day transaction count at 53.1 million, more than 10 million ahead of Arbitrum's 41.2 million and Ethereum's 37.9 million in the same time frame, according to L2BEAT.

Base's increase in active addresses was fueled in part by the recent memecoin mania on the Coinbase-backed network.

Brett (BRETT) and Degen (DEGEN) are among the largest memecoins on Base, with their respective market caps of $720 million and $523 million, according to CoinGecko, while Toshi (TOSHI) and Normie (NORMIE) are also the top trading memecoins on the network. .

Related: Coinbase Partners with Lightspark for Bitcoin Lightning Payments.

However, Baez's popularity has attracted fraudsters, as the network saw an 18-fold increase in successful phishing scams between January and March – with $3.35 million stolen last month.

A recent analysis shows that one in six Base memecoins are scams and 91% of Base memecoins have security vulnerabilities that expose users to huge losses.

Coinbase officially launched last August. According to L2BEAT data, the crypto exchange is the sole follower of Base – which means the chain is fully controlled by the exchange.

However, the organization has expressed its desire to decentralize the base from time to time.

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