Activity on Coinbase-incubated Ethereum Layer-2 Network, Base, Surges After Mainnet Launch
The newly launched Ethereum layer-2 network, Base, has seen a significant increase in activity since its mainnet launch on August 9. According to Dune Analytics, daily active users on Base reached 136,000 yesterday, and the total value of funds bridged into the network has surpassed $170 million. This surge in activity has propelled Base into the top five layer-2 networks, trailing behind Arbitrum One, Optimism Mainnet, zkSync Era, and dYdX. The increase in Base activity can be attributed to meme coin trading and the social finance application, Friend.tech.
Main Breakdowns:
- Daily active users on Base reach 136,000
- Total value of funds bridged into the network exceeds $170 million
- Base ranks in the top five layer-2 networks
- Meme coin trading and Friend.tech drive the surge in activity
- DeFi activity on Base is starting to rebound
Meme coin trading and “crypto-native degens” have been key drivers of network activity on Base. Users began bridging tokens and trading meme coins even before an official user interface was available. The early Base depositors are described as crypto-native degens, and their activity is concentrated on decentralized exchanges like Uniswap and common DeFi applications. Although meme coin trading hype waned after a rugpull incident with the leading meme coin, BALD, DeFi activity on the network is starting to gain momentum, with a total value locked in DeFi applications on Base reaching $72.83 million.
Hot Take:
The surge in activity on Base following its mainnet launch demonstrates the growing interest and adoption of layer-2 solutions on Ethereum. Meme coin trading and the emergence of social finance applications are driving user engagement and showcasing the potential of these networks. As the DeFi activity on Base continues to rebound, it will be interesting to see how the network evolves and if it can maintain its position among the top layer-2 networks.
By
By
By
By