Coinbase’s Base network, a prominent Ethereum layer-2 solution, has witnessed a meteoric rise in its total value locked (TVL) in recent weeks, doubling from $1 billion to $2.13 billion in just 25 days. This significant surge in TVL underscores Base’s growing prominence within the cryptocurrency ecosystem and its potential to become a key player in memecoins.
Rapid growth and market dynamics
Since its launch in August, Coinbase’s Base network took 203 days to reach its first $1 billion in TVL. However, the subsequent $1 billion milestone was achieved at an astonishing pace, demonstrating a remarkable acceleration in network adoption. As of March 23, Base’s TVL stands at $2.13 billion, marking a milestone in the network’s evolution.
Industry observers suggest that memecoins could be instrumental in driving the next wave of adoption on Base, potentially rivaling other popular chains like Solana. Memecoins, characterized by their community-driven and often humorous nature, have gained significant traction in cryptocurrency.
Prominent memecoins on the Base network include Degen (DEGEN) and Base God (TYBG), with market caps of $143.4 million and $65.9 million, respectively. While these figures trail behind established memecoins like Dogecoin and Shiba Inu, they demonstrate a growing interest in memetic assets within the Base ecosystem.
Competitive landscape and market speculation
Solana, another blockchain network, has experienced its memecoin frenzy, notably led by Dogwifhat (WIF), with a market cap of $2.7 billion. Memecoins such as Book of Memes (BOME) and Slerf (SLERF) have also gained substantial market traction on Solana, further highlighting the competitive dynamics within the memecoin space.
Traders and industry pundits alike are speculating on the potential of Base memecoins, with names like Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT) garnering attention. The prospect of easy listing on Coinbase and Base’s growing user base has fueled optimism among investors and enthusiasts.
Base’s parent company, Coinbase, is expanding the network’s capabilities, including developing a native smart contract wallet. This wallet aims to simplify the trading experience for Coinbase’s vast user base, eliminating the need for complex seed phrases or private keys. With over 100 million registered users, Coinbase’s integration could catalyze further adoption of Base and its associated memecoins.
Record-breaking milestones and technological advancements
In addition to its rapid growth in TVL, Base recently achieved a record of 2 million transactions in a single day on March 16, following the Dencun upgrade on Ethereum. These milestones underscore Base’s technological resilience and scalability, positioning it as a formidable contender in the competitive landscape of layer-2 solutions.
Coinbase’s Base network has experienced a remarkable surge in total value locked, doubling from $1 billion to $2.13 billion in just 25 days. With memecoins emerging as a potential catalyst for growth and Coinbase’s strategic initiatives to enhance user experience, Base is poised for further expansion and innovation within the cryptocurrency ecosystem. As the landscape evolves, Base’s performance and market dynamics will be closely monitored by investors, traders, and industry observers.
