Base by Coinbase: Leading the Way in DeFi and NFT Industries
Base, the layer-2 blockchain network launched by Coinbase, is making waves in the decentralized finance and non-fungible token industries. According to DeFi Llama, Base has emerged as the largest layer-2 network in the crypto space, with 410 dApps operating in the decentralized finance sector. Some of the prominent players in Base’s DeFi ecosystem include Aerodrome, Uniswap, Morpho Blue, and Moonwell.
Morpho: A Growing Contender in DeFi
One of the standout projects within the Base ecosystem is Morpho, a potential rival to AAVE. Following Coinbase’s announcement of offering Bitcoin-backed loans on its platform, Morpho is expected to witness continued growth in the DeFi space.
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Dominance in DEX Networks
Base’s DEX networks have been dominating the layer-2 industry in terms of trading volume. The protocols within its ecosystem have facilitated transactions worth $264 billion since inception, with a staggering $12.2 billion transacted in the last seven days.
This growth can be attributed to the burgeoning Base meme coin ecosystem, which is now valued at over $2.6 billion. Key meme coins within the network include Brett, Akuma Inu, Toshi, and Degen.
Leading the NFT Space
Base has also established itself as a major player in the NFT sector, with NFT sales surging by 45% in the past week to reach $8.3 million. The number of buyers on Base has increased by 128% to over 15,000, with cumulative NFT sales exceeding $62 million.
According to DappRadar, Base processed nearly 40 million transactions in the last 30 days, surpassing Arbitrum and Polygon in transaction volume. Base also boasts 15 million unique active wallets, showcasing its growing influence in the artificial intelligence and gaming industries.
Potential Valuation and Airdrop Speculations
With its impressive performance metrics, Base could potentially receive a significant valuation if Coinbase decides to launch an airdrop. Comparatively, Arbitrum has a market cap of $3.2 billion and a fully diluted valuation of $7.5 billion, while Optimism stands at $2.47 billion market cap and an FDV of $7.85 billion. Base could easily command an FDV of $7 billion or more.
Speculations suggest that Coinbase may conduct a Base airdrop in 2025, as hinted in its roadmap focusing on decentralization. This move could signal a shift towards community participation in decision-making processes within the Base ecosystem.
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