Maria Irene
In a surprising twist of events, Coinbase’s own Layer 2 network, Base, is not only making waves but tsunamis in the blockchain space. Less than two months after its launch, Base has broken multiple records, including surpassing Solana in terms of total value locked (TVL) and registering a mind-boggling 1.88 million transactions on September 14. To give these numbers a bit of context: that’s like a start-up electric car company suddenly outpacing Tesla in monthly sales within the first quarter of operation.
With a current TVL of $374.43 million, Base has outdone Solana’s $306.93 million, pushing it to the limelight for both investors and developers. The question is not merely “how” but also “why” this meteoric rise is taking place in such a short period. According to analytics firm IntoTheBlock, two primary factors contribute to Base’s rapid rise: Coinbase’s mammoth influence in the crypto-verse and the increasing adoption of decentralized applications (dApps).
Coinbase, the San Francisco-based cryptocurrency exchange, isn’t new to the game of setting trends. With its widespread user base and reputation for reliability, its influence in launching Base was a bit like adding rocket fuel to a campfire. IntoTheBlock also emphasizes the role of dApps, especially Friend.Tech, in catapulting Base’s adoption. Friend.Tech is not just any dApp; it’s a social media game-changer, linking Twitter accounts to FT profiles and allowing social media monetization like never before. The platform enables users to create unique keys for transactions, sparking a virtual land rush of online interaction and commerce.
In terms of daily active addresses, Base is nothing short of a miracle child. On an average day, it boasts 888,000 active addresses, which makes up 60% of all addresses utilizing the Optimism roll-up. This is an indicator not just of vitality but also of the trust that users are placing in this relatively new network.
However, it hasn’t all been smooth sailing for Base. A month after its launch, the network experienced a 43-minute outage due to a delay in block production attributed to internal infrastructure issues. A hiccup, some might say, but one that the network seems to have recovered from impressively. Despite the hiccup, Base’s total bridged value stands at around $430 million, showcasing its resilience and potential for long-term growth.
In the volatile world of cryptocurrencies, where change is the only constant, Base’s rapid rise serves as an exciting narrative. It’s a compelling example of how innovation, robust support, and user-focused applications can shift the balance of power in the crypto universe. While this may be a snapshot of a single day in Base’s life, it also seems like a crystal ball glimpse into a promising future. In baseball terms, Base has not only hit a home run but has made it clear it’s playing in the big leagues now. Will it continue this pace or is it a one-hit-wonder? Only time will tell, but for now, Base has certainly earned its moment in the spotlight.
