Base: New Users!

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    Other Statistics
    New Users Overview
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    In the past month, the highest volume was generated by old users in comparison to new users. Old users spent a total of 5.3 billion US dollars across various projects on the Base platform, while new users contributed 1.6 billion US dollars. This is a substantial volume, especially for new users.

    What's particularly impressive is the retention of volume on Base. The volume retention consistently remained above 65%, and in certain months after June, it even reached as high as 282%. This indicates that users continued to bridge significant volumes to Base for spending on various projects.

    Volume
    Introduction

    In this analysis, you will learn about the influx of new users on Base, a newly launched blockchain that officially went live on the mainnet in July 2023.

    One of the critical metrics for a freshly launched blockchain is its ability to attract new users. Base is an Ethereum Layer 2 (L2) chain designed to provide a secure, cost-effective, and developer-friendly environment for on-chain development. It's an L2 solution built on the OP Stack in collaboration with Optimism. One of the significant distinctions of the Base chain, in comparison to other blockchains, is its rapid integration with numerous prominent projects.

    As part of this dashboard, I conducted an examination of these projects to identify which ones have been most successful in attracting new users to the Base chain since its launch.

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    Let's begin with an overview of new users since the launch of Base. Prior to the official bridge launch, users were able to bridge their assets from Ethereum to Base through a smart contract. On August 9, the official bridge was introduced. However, it's evident that users actively utilized the Bridge contract to transfer their assets to the Base chain. This surge in usage is why, on July 30, the number of new users experienced an almost 1000% increase, reaching 42,000 in a single day. Subsequently, the daily count of new users remained relatively stable, but after one month from the launch, it decreased to below 15,000.

    Furthermore, since September, there has been another increase in new users, reaching a peak of 82,000 per day on October 15. In summary, approximately 30,000 new users join the Base chain each day, demonstrating a consistent 10% growth rate.

    New Users Retention

    In this section, I looked at how many new users kept using Base. What do the numbers show? For instance, in July 2023, about 175,000 new users started using Base. It's interesting to note that roughly 69% of these users came back for more transactions the following month, which is a really good thing for Base. However, after two months, only 36% of the 175,000 users who joined in July continued to use Base for transactions.

    To explain, this means that Base managed to maintain a retention rate of just over 24%, which is a positive outcome for a newly launched platform.

    Also, if we look at the heatmap of new users, we can see that a lot of new users tend to join Base on Sundays!

    I analyzed the actions of new users in the past month. Approximately 60% of the new users, totaling 540,000, carried out just one transaction on the Base chain. Additionally, 16% of new users conducted two transactions. In summary, a total of about 80% of new users had less than three transactions over the past 30 days.

    An intriguing finding is that almost 85% of new users were only active for a single day within the last 30 days. When we consider the next group, it means that 95% of the users who joined the Base chain in the past month were active for only 1 or 2 days.

    To sum up the activities on the Base chain in the past 30 days, 73% of users were existing users, while only 26% were newcomers.

    The following charts resemble retention but allow you to monitor users based on their initial transaction on the Base chain. From the charts, it's evident that the activity of users who initially joined in July 2023 decreased over time, and in the last month, these users comprised only 7% of the total user base.

    On the other hand, August's new users remained more engaged compared to those who joined in July. In the last month, they represented up to 40% of the total user base. However, September's users, much like the July newcomers, experienced a rapid decline and accounted for just 15% of the total users in the last month.