Base Active Addresses Rise 50% as Transactions and Fees Decline

The split between rising active addresses and falling transactions and fees suggests the GMGN competition is pulling in more wallets without generating proportional on-chain volume — a pattern that can flatter address counts while masking weaker underlying usage. What matters for Base is whether this is a campaign-driven bump or genuine broadening of participation, since fee revenue is the cleaner signal of real demand. The open question is whether activity and fees recover once the competition ends, or whether the extra wallets prove transient.