Summary:
Coinbase’s new Ethereum layer 2 blockchain, Base, received inflows of $10 million on its first day after launch. Over 15,000 new users joined Base, but there were 40% fewer transactions compared to the previous day. Base launched without its own native token, but Coinbase encouraged others to build projects and launch their own tokens on the network. Meme coins like BALD have gained traction on Base, attracting traders looking to profit from decentralized exchange trading. Base already has over 100 operational decentralized applications (dApps) with users transferring between $500 and $1,000 to the network. Coinbase incentivized users to bridge their ETH to Base by offering free non-fungible tokens (NFTs), resulting in over 125,000 users minting over 30 million NFTs on the network.
Key Points:
- Base received $10 million in inflows and gained over 15,000 new users on its first day.
- There were 40% fewer transactions on Base compared to the previous day.
- Base launched without its own native token, but Coinbase encouraged the creation of tokens on the network.
- Meme coins like BALD have launched on Base, attracting traders seeking to profit from DEX trading.
- Base already has over 100 operational dApps and users have transferred between $500 and $1,000 to the network.
Hot Take:
Base’s successful launch and significant inflows indicate a growing interest in Ethereum layer 2 solutions. The presence of meme coins on the network may draw criticism, but it also showcases the flexibility and openness of Base. The offering of free NFTs to users bridging their ETH to Base is a clever strategy to increase engagement and adoption. With over 125,000 users minting millions of NFTs, Base is demonstrating its potential as a vibrant and active ecosystem within the crypto space.
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