Nasdaq-Listed Coinbase’s Layer 2 Solution Base Sees Significant Outflows in 2025
As the crypto landscape continues to evolve, Nasdaq-listed crypto exchange Coinbase’s Layer 2 scaling solution, Base, has experienced a dramatic shift in capital inflows. Once a leader in 2024, Base has now become a top loser this year.
Data from the Artemis Terminal reveals that Base has witnessed a net outflow of $4.3 billion in 2025, a stark contrast to the net inflow of $3.8 billion in the previous year. This marks a significant change for the platform, which was previously ranked highest among the top 20 blockchains for capital inflows.
On the other hand, Ethereum, the world’s largest smart contract blockchain, has seen a resurgence in 2025 with a net inflow of $8.5 billion, compared to a net outflow of $7.4 billion in the prior year, reclaiming its position as a top player in the industry.
Top chains by net flows (YTD). (Artemis)
The data illustrates a shift in momentum, with Ethereum regaining its dominance while Base experiences a slowdown in activity.
The Role of Crypto Bridges in Interoperability
Crypto bridges play a crucial role in facilitating communication and interaction between different blockchains, enabling interoperability within the ecosystem. Bridging involves the seamless movement of tokens across various networks, enhancing the overall functionality of decentralized finance.
Additionally, the cumulative supply of stablecoins on Base has plateaued above $4 billion since mid-May, accompanied by a decline in trading volumes. This trend is indicative of a shift in market dynamics and user behavior within the platform.
BASE: Stablecoin supply in USD and DEX volumes. (Artemis)
BASE Witnessing ETH Outflows
Recent data from L2BEAT highlights a significant decrease in the total number of ether deposited on Base, dropping from 1.82 million ETH to just over 835,000 ETH within a four-week period. This downward trend is consistent with similar outflows observed in other Layer 2 solutions in recent weeks.
The number of ETH on Base. (L2Beat)
According to Michael Nadeau of The DeFi Report on X, the outflows of ETH from Base and other Layer 2 solutions can be attributed to actions taken by major players like Binance, who are withdrawing capital to Layer 1 protocols.
Coinbase’s Protocol Specialist Viktor Bunin also weighed in on the matter, suggesting that Binance’s decision to move capital back to Layer 1 may be influenced by various factors, including incentives or strategic balancing of assets across different chains.