Decentralized exchanges (DEX) on Coinbase’s newly launched layer2 network, Base, have generated impressive trading volume within just 24 hours of its launch. This article explores the significant impact of Base on the cryptocurrency market and its potential for future growth.
Base has swiftly emerged as one of the top 10 networks by trading volume, with an impressive volume of $26.23 million, surpassing established layer1 blockchain networks such as Fantom (FTM), Cardano (ADA), and Tron (TRX). While it is important to acknowledge that Base’s volume still falls significantly behind Ethereum, Solana (SOL), and Binance-backed BNB Chain, its rapid rise is a promising sign for the network.
Even before its official launch, Base witnessed significant usage through the BALD meme coin. This meme coin soared to a market cap of over $85 million at its peak, before experiencing a sharp decline. Furthermore, the total value of assets locked (TVL) on Base exceeded $150 million during this period, indicating increasing confidence and interest in the network.
According to L2Beat data, Base’s TVL currently stands at an impressive $155 million, reflecting a remarkable surge of over 77% in just one week. This achievement positions Base as the fifth largest layer-2 network, surpassing other notable networks like StarkNet. The steady growth in TVL and network ranking demonstrates the growing trust and adoption of Base among the crypto community.
Increase in Daily Transactions
In addition to TVL growth, Base has also witnessed a significant increase in daily transactions per second (TPS). L2Beat reports a staggering 160% surge in Base’s daily TPS, reaching 5.81. While lower compared to other L2 networks like Arbitrum (ARB), Optimism (OP), and zkSync Era, this growth hints at the potential for even greater adoption as Base’s ecosystem continues to expand.
Coinbase officially launched Base to the public on August 9th, following its testnet debut in February and a developer-only release in July. The exchange aims to position Base as the first blockchain network backed by a publicly listed company. This strategic move by Coinbase demonstrates their commitment to advancing the adoption of web3 and blockchain technology.
The emergence of Base as a leading layer2 network showcases its rapid growth and potential impact on the cryptocurrency market. With impressive trading volume, increasing TVL, and a surge in daily transactions, Base is poised for further adoption and development. Coinbase’s support and strategic positioning of Base as a publicly backed blockchain network underscore the confidence in its success. As the cryptocurrency landscape evolves, Base is positioned to play a pivotal role in shaping the future of decentralized finance and blockchain technology.