The Base network has grown to more than $3.5 billion in TVL and over $285 million in stablecoins market cap backed by Coinbase exchange.
Amid the notable growth of the Ethereum (ETH) ecosystem fueled by institutional investors, the layer two (L2) scaling solution, led by the Base network, has played a crucial role in democratizing scalable and secure smart contracts. Base network, an Ethereum’s layer 2 scaling solution backed by Coinbase Global Inc (NASDAQ: COIN), has grown to become the largest DeFi ecosystem in the recent past.
Key Metrics of Base Network
According to market data analysis provided by Artemis Terminal, the Base network has emerged as the top smart contract network with the highest cash inflows in the past year. During the past 11 months, Base Network has registered a cash inflow of about $6.3 billion and a total cash outflow of around $3.8 billion, thus a netflow of about $2.5 billion.
In comparison, the Solana (SOL) network has registered a net cash inflow of about $3.9 billion year-to-date (YTD) and a total cash outflow of around $2.2 billion, thus a netflow of around $1.7 billion. The Arbitrum (ARB) network, a major Ethereum L2 scaling network with over $3.1 billion in TVL, registered a net flow of about $2.2 billion.
The average transaction count on the base network daily has grown exponentially to over 8 million, without experiencing any network congestion or outages. In the past month, the Base network has registered more than $2 billion in funds bridged from other networks, signaling heightened demand.
Can you feel it?
It’s @base era pic.twitter.com/AUlnzRZyrx
— David Tso (dave.base.eth) 🛡️ (@davidtsocy) November 28, 2024
The Base network has grown to more than $3.55 billion in total value locked (TVL) and over $285 million in stablecoins market cap. In the past 24 hours, the Base network registered about 1 million active addresses and a revenue of about $753 million.
Some of the top DeFi protocols on the Base network include Aerodrome DEX, Uniswap (UNI), Morpho Blue lending, and AAVE V3, among many others.
Expected Impact
The notable growth of Base protocol in the last year to the top Ethereum L2 network has significantly contributed to Coinbase’s success. During the third quarter, Coinbase announced the Sun h of the Basenames to make the interaction more intuitive. Within the first two months of launch, the Basenames registered more than 450k names.
With the base network offering low network fees of below $0.01, the overall on-chain activity has significantly spiked. Consequently, Coinbase Global has benefited through fee collection.
For instance, the top meme coins on the Base network have a market cap of over $2.8 billion and a daily average traded volume of around $310 million.
The presumption that Coinbase will support the Base meme coins through listings has resulted in notable growth in the recent past.
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