Crypto Report 2024: How Did BASE Achieve Such A Meteoric Success?

The silent revolution of account abstraction is amplifying in the crypto ecosystem, with BASE at the forefront. The “State of Crypto 2024” report reveals astonishing figures, propelling Coinbase’s blockchain among the leaders in terms of growth.

Base propels massive adoption thanks to account abstraction

On October 17, Andreessen Horowitz (a16z), a renowned venture capital firm, unveiled its annual “State of Crypto 2024” report. This study paints a complete picture of the crypto sector just weeks before the U.S. elections in November.

The report highlights unprecedented crypto adoption, their growing importance in political debate, as well as technological advances revolutionizing the ecosystem. Activity on blockchains is reaching all-time highs.

In September, 220 million addresses were active each month, three times more than at the end of 2023. In just a year of existence, BASE has risen to rank among the most active blockchain networks in the world.

With 22 million active monthly addresses, it now surpasses established players like Ethereum (6 million) or Binance’s BNB chain (10 million).

At the heart of BASE’s success lies account abstraction, an innovation that radically simplifies the user experience. This technology allows users to interact with the blockchain without needing to manage complex private keys or pay gas fees, significantly reducing entry barriers for new users.

Democratization and new use cases

The ease of use brought by account abstraction paves the way for new innovative applications on BASE. From blockchain games to decentralized social networks and sophisticated financial tools, the ecosystem is rapidly diversifying.

This excitement is attracting more and more developers, with 10.7% of crypto project founders declaring building on BASE in 2024, compared to 7.8% the previous year.

Although BASE is still young compared to more established networks, its growth trajectory suggests a bright future. Continuous infrastructure improvements, notably the drastic reduction of transaction costs, reinforce its appeal.

Furthermore, the support from Coinbase, a major player in the industry, provides valuable credibility and resources to support this expansion.

Account abstraction, embodied by the success of BASE, is emerging as a major trend that could reshape the future of crypto. By simplifying access and use of blockchain technologies, it paves the way for massive adoption that could finally realize the promise of a web3 accessible to all.