Base Retention

    User retention is crucial for platforms and chains to measure the number of active users who use the platform. Base, launched on Testnet in February, needs to understand user retention to evaluate its success and improve.

    Introduction

    User retention is an essential metric for all platforms and chains, as it measures the number of active users who continue to use the platform over a period of time. For Base, launched on Testnet in late February, understanding user retention is critical to assess the platform's success and identify areas for improvement.

    To analyze Base user retention, I went through the Base Testnet and examined the behavior of its users. I created retention tags based on their activity on the Base chain to track their actions and determine how frequently they used the platform. This allowed me to see how many users returned for repeat transactions and how active they were on the platform.

    In addition to examining user behavior on the Base chain, I also looked at their activity on other chains to gain a broader understanding of their overall usage.

    What is Base?

    Base, a recently launched Ethereum-based blockchain by Coinbase, operates as a Layer 2 (L2) network to offer developers a secure, cost-effective, and user-friendly environment for creating decentralized applications (dApps).

    Designed as an EVM-compatible chain utilizing Optimism's OP Stack, Base is a Layer 2 network built on top of the Ethereum blockchain, with the ultimate goal of becoming a standard, modular, rollup-agnostic Superchain. Coinbase will be nurturing Base, becoming progressively more decentralized over time.

    In line with other Layer 2 networks, Base was developed to tackle the scalability issues encountered by the Ethereum mainnet, such as high gas fees and slow throughput speeds (transactions per second). Base is a platform for Coinbase's on-chain products and a public ecosystem for anyone to create.

    Method
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    As you may be aware, Base is currently in Testnet Mode with limited activities compared to Mainnet chains. However, Flipside has recently provided testnet data for Base.

    To explore this data, I utilized the transaction table to identify the first transactions of users and subsequently searched for their second transactions on Base. Finally, I employed the datediff function to calculate the days between the two transactions.