As a researcher who has been closely following the crypto space for quite some years now, I must admit that I am genuinely impressed by the rapid growth and success of Coinbase’s L2 solution, Base. The fact that it has managed to surpass $2 billion in Total Value Locked (TVL) within a year of its launch is nothing short of remarkable.
Coinbase’s scaling solution, Base, has reached an impressive feat by locking up over $2 billion worth of assets, making it the second-largest optimistic rollup in the cryptocurrency sector, trailing only Arbitrum. This achievement underscores the increasing trust placed in the platform as a dependable choice compared to other layer 2 solutions on Ethereum.
In my analysis as of this writing, Base’s Total Value Locked (TVL) is reported to be approximately $2.116 billion, reflecting a substantial 370% growth from the $430 million it held at the start of 2024. This TVL comprises around $3.63 billion in stablecoins, with a 24-hour trading volume amounting to $671.21 million and generating a revenue of about $81.76 million over the same period.
L2 Solution Base Surpasses Arbitrum in User Activity
In August 2023, Coinbase’s protocol embarked on its voyage as Coinbase declared their intention to broaden their operations into the realm of Decentralized Finance (DeFi).
Using its widespread fame, Base swiftly gained substantial recognition, capturing the interest of not only investors but also developers. The system was devised to function as an optimistic rollup, handling transactions off-chain and occasionally submitting overviews to the primary Ethereum network. This approach noticeably alleviates congestion on the Ethereum blockchain and decreases transaction fees for users.
As of September 27, Base ranks second among optimistic rollups on Ethereum, trailing behind only Arbitrum. Although it holds the leading spot in terms of Total Value Locked (TVL), Base stands out in user engagement, boasting the most active addresses and daily transactions within this specific sector.
As an analyst, I’m thrilled to note that the robust user engagement on Base TVL has significantly propelled its value. We witnessed a remarkable growth from approximately $1.6 billion on August 24, 2024, to surpassing $2 billion within just a few weeks. If this momentum persists, experts predict that we might even see it breach the $3 billion milestone this year.
8,335 Wallet Addresses Registered on Base in a Single Day
Over the last 24 hours, approximately 1.1 million users have been actively engaged on Base, while DeFiLlama data indicates that around 8,335 new wallets were registered on the platform within this timeframe.
The expansion of the network can be traced back to the effectiveness of other protocols within Base. As reported by DeFiLlama, Aerodrome, a decentralized exchange that utilizes the underlying infrastructure for growth, contributed approximately $1 billion towards the overall deposits on the platform on September 26.
Over the past year, Uniswap has significantly boosted Base’s Total Value Locked (TVL), contributing approximately $220 million in deposits as of now.
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2024-09-27 14:21