Nansen Report: Early Whales on Coinbase’s Base Blockchain
Nansen, the blockchain market intelligence firm, recently released a report analyzing how early whales are using their money on Coinbase’s layer 2 blockchain, Base. Here are the key findings:
1. Allocation: Early whales primarily allocated their funds to Ethereum and its layer 2 networks. The largest value held by these whales was on Ethereum itself, followed by Base, Arbitrum, and Optimism.
2. Token Holdings: ETH was the most common holding, followed by memecoins like Bald, UNIBOT, and BITCOIN.
3. Interactions: The whales frequently interacted with decentralized exchanges such as Uniswap and 1Inch. Their activity mainly comprised of DEXs, stables, L2s, and popular DeFi apps.
4. Trustworthy DeFi Apps: Similar to token and chain allocation, protocol usage centered around a few “trustworthy” DeFi apps favored by the whales.
5. Early Base Bridgers: The analysis focused on whales who bridged assets to Base before its official launch. Many of these early depositors were assumed to be “crypto native degens” actively engaging with the platform.
In conclusion, the Nansen report suggests that the crypto-native segment was actively participating in the BASE platform even before its official launch. Base has already gained 136,000 daily active users within its first two days of launch.
Hot Take:
The early adoption and engagement of crypto-native users on Coinbase’s Base blockchain indicate a strong interest and trust in the platform. This could potentially drive further growth and development in the Base ecosystem as more users explore its features and benefits.
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