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A quiet revolution in account abstraction is growing in the crypto ecosystem, led by BASE. The “State of Crypto 2024” report reveals some surprising numbers, propelling Coinbase’s blockchain among the leaders in terms of growth.
Base drives large-scale adoption with account abstraction
On October 17th, Andreessen Horowitz (a16z), a well-known venture capital firm, released its annual report “State of Crypto 2024”. The study sheds light on the crypto sector weeks before the November US elections.
This report focuses on the unprecedented adoption of cryptocurrencies, their growing importance in political debates, and the technological advances that are revolutionizing the ecosystem. Blockchain activity is at an all-time high.
In September, there were 220 million monthly active addresses, three times more than at the end of 2023. In just one year since its founding, BASE has grown to rank among the most active blockchain networks in the world.
With 22 million monthly active addresses, it now exceeds established players such as Ethereum (6 million) and Binance's BNB Chain (10 million).
At the heart of BASE's success is account abstraction, an innovation that fundamentally simplifies the user experience. The technology allows users to interact with the blockchain without the need for complex private key management or paying gas fees, significantly reducing the barrier to entry for new users.
Democratization and new use cases
The ease of use provided by account abstraction paves the way for new and innovative applications on BASE. From blockchain games to decentralized social networks to sophisticated financial tools, the ecosystem is rapidly diversifying.
This excitement is attracting more and more developers, with 10.7% of cryptocurrency project founders declaring they will build on BASE in 2024 (up from 7.8% the previous year).
Although BASE is still young compared to more established networks, its growth trajectory suggests a bright future. Continuous improvements in infrastructure, especially the significant reduction in transaction costs, further strengthen its attractiveness.
Additionally, support from industry leader Coinbase provides valuable credibility and resources to support this expansion.
Account abstraction, embodied by the success of BASE, has emerged as a major trend that could reshape the future of cryptocurrencies. Simplifying access to and use of blockchain technology will pave the way for large-scale adoption and ultimately help realize the promise of Web3's accessibility for all.
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Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
