Base network active addresses surged 50% on Oct. 22, but transaction volume declined 8.7% and dollar-denominated fees dropped 20%, according to growthepie data, revealing a divergence between address count and actual usage.
The spike in new wallets is attributed to a GMGN contest that requires participants to create fresh addresses, inflating the metric without corresponding demand for blockspace or fee revenue. Active addresses are not unique users, meaning one individual can generate multiple wallet entries.
Base Active Addresses Surge 50% as Transactions and Fees Decline Amid Contest-Driven Wallet Inflation
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.