Coinbase Base Sees Record High Daily Active Users

Within days after the mainnet launch, Coinbase Base hit more than 136,000 daily active users. The Layer 2 protocol has also attracted around 42,000 new users.

Key Points:

Coinbase Base launched its mainnet on Aug. 9
Recorded 136,047 daily active users on the following day
Over 60,000 new users tried Coinbase Base on July 31
Speculation suggests the surge in users may be due to a new social network app on the Base network
Base network TVL stands at $72.83 million

Some believe the increase in daily active users is a result of the release of a new social network app called friend.tech on the Base network. However, the app is currently invite-only and limited information is available about the project. Users are advised to exercise caution before transferring tokens to the app.

The Total Value Locked (TVL) of the Base network is $72.83 million, with BaseSwap contributing nearly 50% of the TVL. The network has seen a 70% increase in TVL in just one week. It is important to note that the Base network does not have a native token, leading to confusion among traders who have been trading unrelated tokens.

Overall, the launch of Coinbase Base has generated significant interest and attracted a large number of daily active users. The surge in users may be due to the release of a new social network app on the Base network, but more information is needed to confirm this. Traders should exercise caution and do their research before participating in the Base network.

Hot Take:

The launch of Coinbase Base and the subsequent increase in daily active users highlight the growing interest and demand for Layer 2 protocols in the crypto ecosystem. This surge also emphasizes the need for projects to provide clear and transparent information to users to avoid confusion and potential market manipulation. As the crypto industry continues to evolve, it is crucial for users to stay informed and make informed decisions when participating in new protocols and projects.