Base Chain Grows Strong, Surpasses Competitors in Layer-2 Industry
Base Chain, the layer-2 blockchain network launched by Coinbase in 2023, is thriving. The network’s key metrics are on the rise, and its market share continues to grow.
According to data from Nansen, Base has solidified its position as the largest player in the layer-2 industry. In the past week, Base saw a 27% increase in weekly transactions, reaching 65.9 million transactions, far surpassing Ethereum’s 9.4 million transactions.
Active addresses on Base Chain have also seen a significant increase, jumping by 42% in the last seven days to reach 9.7 million addresses. This figure is higher than Ethereum’s 2.14 million active addresses and has also surpassed other popular layer-2 networks like Arbitrum, Polygon, and Optimism.
Base Chain metrics | Source: Nansen
Data from DeFi Llama indicates that protocols on the Base Chain are approaching a significant milestone, with total transactions nearing $400 billion. The network has processed over $363 billion since its inception, with $25 billion in transactions in the last 30 days. If this trend continues, Base could reach the $400 billion mark by June or July.
The leading decentralized exchange (DEX) network on Base Chain is Aerodrome, handling over $183 billion in transactions. Following closely behind is Uniswap (UNI), processing over $130 billion. Other prominent players on the network include PancakeSwap, Woofi, Javsphere, and Sushi.
Base Chain has now become the sixth largest chain in decentralized finance (DeFi), with a total value locked of $4.7 billion. This surpasses popular chains like Sui, Avalanche, Cardano, and Cronos.
One of the key attractions of Base Chain for users is its lower transaction fees and faster transaction speeds. Additionally, the network has emerged as a significant player in the meme coin sector, with tokens on its ecosystem boasting a market cap of over $1.7 billion. Notable tokens include Brett (BRETT), Toshi, Degen, and Ponke.
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Base Chain Stands Firm Against Airdrop Pressure
Despite speculation, Coinbase has resisted calls for a Base airdrop, which would grant investors access to the $BASE token. The odds of such an airdrop happening in the second quarter, according to Polymarket, are low at just 2%.
An airdrop for Base would hold significant value, potentially reaching billions of dollars. Comparable networks like Arbitrum and Optimism have fully diluted valuations of $3.9 billion and $3.07 billion, respectively. Polygon (POL) boasts an FDV of $2.46 billion, indicating that Base could potentially have a higher valuation.
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