Welcome to the Exciting World of Coinbase’s Base Network
Get ready to dive into the world of Base, Coinbase’s Layer-2 network that is making waves in the crypto market. Base has seen a surge in its total value locked (TVL), surpassing $4 billion recently. What’s more, it has become a significant contributor to Coinbase’s profits, raking in an estimated $26 million in net profit since its launch in July 2023.
Uncovering Base’s Profitable Journey 🚀
The rise in gas fees on Base due to high demand has translated into strong earnings for Coinbase, with 85% of the profits going to Coinbase and the remaining 15% to competitor Optimism. This growth has solidified Base’s position in the Layer-2 space, challenging the market share of competitors like Arbitrum and Optimism. Analysts at VanEck predict a $1 trillion market cap for layer-2 scaling ecosystems by 2030.
- Base has robust transaction volumes and fees, driven by project listings and high demand
- Transactions on Base account for over 60% of all Ethereum activity in Q3 2023
Facing Competition from OKX’s X Layer 🥊
While Base has been dominating the Layer-2 space, a new player has entered the arena in the form of OKX’s X Layer. This Ethereum-based Layer-2 scaling network is giving Base a run for its money.
- X Layer offers faster and more cost-effective transactions compared to Ethereum’s mainnet
- OKX’s X Layer integrates zero-knowledge proofs, enhancing transaction efficiency
The introduction of X Layer has intensified the competition in the Layer-2 ecosystem, bringing a new level of dynamism to the market.
Exploring Current Optimism ✨
According to data from L2Beat, Base currently holds the third position in terms of total value locked (TVL), trailing behind Arbitrum One and leading Optimism. At present, Base boasts a TVL of $5.29 billion, capturing 14.17% of the market.
Stay tuned as Base continues to make waves in the crypto world with its innovative approach to Layer-2 scaling!
Hot Take on Base’s Rising Success 🔥
Experience the thrill of Base’s journey to profitability in the crypto market! With its soaring total value locked (TVL) and strong transaction volumes, Base is proving to be a formidable player in the Layer-2 space. As it competes with new entrants like OKX’s X Layer, the battle for dominance in the Layer-2 ecosystem is heating up. Keep an eye on Base as it charts its course to success in the ever-evolving world of cryptocurrency!
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