The renowned Coinbase exchange’s Layer 2 scaling solution, Base, has been generating significant excitement in the crypto world. With Coinbase’s backing and the support of industry giants like BlackRock, Base has quickly emerged as a formidable contender in the Layer 2 landscape.
Since its inception, Base has experienced remarkable growth, attracting a vast user base and witnessing a surge in total value locked (TVL). As of March 2024, Base’s TVL skyrocketed by an impressive 77%, reaching a staggering $2.9 billion. This remarkable achievement places Base as the third-largest Layer 2 solution in terms of TVL, trailing behind Arbitrum and Optimism.
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Meteoric Growth and Impressive Metrics
March has been a monumental month for Base, with the platform acquiring a staggering 800,000 new users daily and experiencing a remarkable increase in revenue, soaring from $18 million to $28 million. Additionally, Base witnessed explosive growth in daily transactions, surging from 500,000 to an impressive 2 million.
The recent Ethereum Dencun upgrade has further fueled enthusiasm within the Base community. Prior to Dencun, a typical transaction on Base amounted to approximately $0.31. However, with the implementation of EIP-4844, network fees have plummeted to nearly a fraction of a cent, making Base an attractive and cost-effective solution for users.
Ecosystem Expansion and Promising Projects
The Base’s ecosystem is rapidly expanding, with major projects transitioning to this blockchain. As the bullish cycle approaches, Base is poised to experience a significant influx of liquidity and new users.
Coinbase is developing a smart wallet that simplifies onboarding for its more than 110 million users, enabling them to trade effortlessly on the blockchain without the hassle of storing seed phrases or passwords.
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Show more +Promising Projects on Base
Here are some of the most promising projects currently building on the Base ecosystem, according to analyst Alex Wacy.
- Grand Base (grandbase_fi – GB): A decentralized market for spot synthetic RWAs.
- frok (frok_ai – FROK): An AI-powered platform for Web3 research and communication.
- GAMER (GMRCenter – GMR): A community of gamers creating innovative Web3 tools and gaming NFTs.
- AeroDrome (aerodromefi – AERO): A next-generation AMM serving as Base’s central liquidity hub.
- Moonwell (MoonwellDeFi – WELL): An open lending and borrowing DeFi protocol built on Moonbeam, Moonriver, and Base.
- Gh0stly Gh0sts (gh0stlygh0sts – BOO): The pioneer omnichain NFT collection with an official omni-chain token.
- KOMPETE (KOMPETEgame – KOMPETE): An online team multiplayer all-in-one game built on Unreal Engine 5.
- Heroes of Mavia (MaviaGame – MAVIA): A mobile free-to-play Web3 MMO strategy game.
- Parallel (ParallelTCG): A free-to-play digital Trading Card Game (TCG) that allows collectors to truly own their cards and game items.
With its impressive growth, strong backing, and thriving ecosystem of promising projects, Base is poised to become a major force in the crypto landscape, attracting more users, developers, and investments in the coming years.
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