Nearly $166 million already on Base blockchain
Nearly $166 million had already flowed to the blockchain ahead of the official launch.
Main breakdowns of key points:
- Inflows to Coinbase’s Base blockchain were lower than expected on its first day.
- $10 million was bridged to the new blockchain in the past 24 hours.
- Just over 15,000 new users joined, with 40% fewer transactions compared to Wednesday.
- The majority of users transferred between $500 to $1,000 worth of ether.
- A large amount of capital was poured into “sh**coins” before the official launch.
Coinbase’s efforts to draw users to the Base network
Despite concerns about scams, Coinbase is hosting virtual events to celebrate the Base mainnet launch and encouraging users to transfer their ether to Base. Over 125,000 individuals have already minted more than 30 million free NFTs to commemorate the launch. However, the lure of meme-coin fortunes may overshadow the appeal of the Base blockchain.
Hot Take:
The launch of Coinbase’s Base blockchain did not meet expectations in terms of capital inflows. This could be due to investors already bridging to Base before the official launch, as well as the allure of meme coins in the market. Coinbase is making efforts to attract users and generate revenue from the new network, but it remains to be seen if traders will prioritize shiny, rocketing meme coins over the Base blockchain.
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