The silent account abstraction revolution is growing in the crypto ecosystem, with BASE spearheading it. The “State of Crypto 2024” report reveals staggering numbers, propelling Coinbase’s blockchain among the leaders in terms of growth.
Base Powers Mass Adoption with Account Abstraction
On October 17, renowned venture capital firm Andreessen Horowitz (a16z) unveiled its annual “State of Crypto 2024” report. This study provides a complete portrait of the crypto sector a few weeks before the US elections in November.
THE report highlights unprecedented adoption of cryptos, their growing importance in the political debate, as well as technological advances that are revolutionizing the ecosystem. Activity on blockchains is breaking all records.
In September, 220 million addresses were active each month, three times more than at the end of 2023. In just one year of existence, BASE has risen to the rank of the most active blockchain networks in the world.
With 22 million monthly active addresses, it now exceeds established players like Ethereum (6 million) or Binance's BNB chain (10 million).
At the heart of BASE's success is account abstraction, an innovation that radically simplifies the user experience. This technology allows users to interact with the blockchain without having to manage complex private keys or pay gas fees, significantly lowering the barriers to entry for new users.
Democratization and new use cases
The ease of use provided by account abstraction paves the way for innovative new applications on BASE. From blockchain games to decentralized social networks, including sophisticated financial tools, the ecosystem is rapidly diversifying.
This excitement is attracting more and more developers, with 10.7% of crypto project founders declaring that they are 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 points to a bright future. Continuous improvements to the infrastructure, notably the drastic reduction of transaction costs, reinforce its attractiveness.
Additionally, the support of 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 well reshape the future of crypto. By simplifying access and use of blockchain technologies, it paves the way for mass adoption which could finally realize the promise of a web3 accessible to all.
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