The Base Network, an innovative layer-2 solution developed on the Ethereum framework, has recently celebrated a monumental achievement by amassing a total value locked (TVL) of $2 billion. This remarkable milestone, marked by a 43.61% surge in TVL within just a week, underscores the growing enthusiasm within the cryptocurrency community, particularly towards memecoin projects and airdrop events. Leveraging Ethereum’s secure foundation, Base facilitates quicker, cost-efficient transactions, which is essential for Ethereum’s scalability.
Strategic Investments Spark Expansion
A key player in Base Network’s impressive growth is Coinbase, the premier cryptocurrency exchange valued at over $60 billion. Coinbase has played a pivotal role, forming strategic partnerships that have significantly propelled Base’s momentum forward. Jesse Pollak, the head of Base’s development, shared that a substantial portion of Coinbase’s revenue is dedicated to nurturing Base’s development, through founder grants and resources for significant contributors on the platform. With a vision to make Base a gateway into the crypto market for its vast user base of over 110 million, Coinbase’s integration strategy is a masterstroke for attracting new users to emerging blockchain technologies.
User Adoption Soars Alongside Future Enhancements
This strategy has reaped incredible rewards in user adoption rates for Base. March saw daily new user registrations skyrocket to 800,000, with revenues increasing from $18 million to $28 million. Additionally, daily transactions saw a fourfold increase, jumping from 500,000 to 2 million. This surge is partially attributed to the Ethereum Dencun upgrade and the implementation of EIP-4844, which have significantly cut down network fees, positioning Base as a competitive platform for high-frequency trading.
In this early stage of the ecosystem, the explosion of interest in memecoin projects offers a broad horizon for exploration and investment. Analyst Miles Deutscher points out that an in-depth analysis of token transaction volumes and ownership could reveal highly profitable opportunities. He spotlighted Toshi Base, a memecoin project with a solid community backing and the advantage of being an early player in the field, as a particularly promising prospect.
