Base Network Sees Remarkable Growth

Base network flyer and logo

Coinbase-backed Layer 2 network Base exceeded a total value locked (TVL) of $2 billion with a 43.61% gain last week. The milestone indicates the network’s rising popularity, particularly among memecoin projects and airdrop events. Base, built on the Optimism rollup solution, preserves Ethereum’s solid security while enhancing transaction speed and lowering costs, hence contributing significantly to Ethereum’s scalability.

Intense Interest in Base Network

Coinbase, a massive cryptocurrency exchange valued at more than $60 billion, accounts for 90% of spot Bitcoin exchange-traded funds in the United States, and its strategic location and connections with industry titans like as Blackrock and Circle contribute considerably to Base’s growth. Indeed, Jesse Pollak, the architect of Base, stressed that a considerable percentage of Coinbase’s income is being diverted towards the development of Base:

“We are increasing founder grants to allow creators to start building for free, to create experiences without transaction fees, and to reward and provide resources to those who have a positive impact on Base to build the next thing.”

This strategic decision aligns with Coinbase’s objective of using Base as a gateway to the cryptocurrency market for its more than 110 million users. The platform’s connection with Coinbase’s large user base lays a solid basis for user acquisition, which is a frequent difficulty for nascent blockchain networks.

As a result of this strategy, Base adoption has reached an all-time high. In March, the daily number of new users increased to 800,000, income increased from $18 million to $28 million, and daily transactions increased from 500,000 to 2 million.

Base Network and the Dencun Update

This rise is partially due to the Ethereum Dencun update. The introduction of EIP-4844 has drastically lowered network expenses, making Base a formidable opponent in high-frequency trading operations. The buzz around Base shows a rising interest in memecoin initiatives and airdrop events. Because the ecosystem is still in its early stages, the opportunity for discovery and investment in memecoin enterprises is gaining traction.

According to analyst Miles Deutscher, a rigorous strategy that involves tracking token transaction volumes and ownership numbers might uncover intriguing prospects in this space. For example, Toshi Base stands out as a memecoin project with a large community and the advantage of being an early adopter. Deutscher issued the following statement:

“Those who follow my content know that I advocate following the leader when it comes to narrative trade, in this case, TOSHI is the leading memecoin project on the Base network.”

Author: Simeon

Simeon is a seasoned crypto writer with a passion for exploring the fascinating world of blockchain and digital currencies. With a background in finance and technology, Simeon brings a unique perspective to his writing, delving into the complexities of decentralized finance, cryptocurrency trading, and emerging blockchain projects.