On August 9th, Coinbase introduced a novel Ethereum Layer-2 network called Base. Since then, it has witnessed a significant surge with about 136,000 daily users and a total contribution of approximately $170 million to network activities, according to Dune Analytics.
Base is currently witnessing substantial levels of activity, with nearly 580,000 transactions having taken place on August 10th alone. This places Base among the top five networks in terms of fund movement, closely trailing others such as Arbitrum One and Optimism Mainnet.
One of the key drivers of Base’s popularity has surged due to its use for activities like trading meme coins and utilizing the Friend.tech app; meme coins, inspired by internet jokes, gained traction pre-launch and were tradable with Base’s tools.
Despite encountering some challenges along the way, Base’s popularity endures. Users continue to actively trade meme coins and leverage Friend.tech, a platform akin to Twitter, which facilitates the trading of “shares” of other users. This allows users to view posts and interact with one another.
While meme coin trading faced certain obstacles, other activities on Base are flourishing. Users are notably participating in decentralized exchanges and decentralized finance (DeFi) applications. The total value locked in DeFi apps on Base has surged to $74.56 million.
Overnight trading volumes on Base have surpassed $186 million since Thursday. Noteworthy trading pairs include Unibase (UNIBASE), Punk (PUNK), and BaseShib (BASESHIB).
Base’s rapid ascent in user engagement underscores its potential as a prominent Ethereum Layer-2 network. Activities like meme coin trading and the adoption of the Friend.tech app are playing a significant role in driving its popularity forward.
Also Read: Coinbase-Backed Base Network Now Open to the Public
