The Coinbase-backed Ethereum layer-2 network Base has seen a remarkable surge, doubling its total value locked (TVL) to $2.54 billion in less than a month, marking a 74.70% increase, driven by the meme coin frenzy. Achieving $1 billion TVL on Feb. 27, just 226 days after its August launch, Base hit $2 billion TVL only 25 days later.
The Dencun upgrade, which reduced Layer 2 transaction fees, caused Ethereum’s Base to experience a skyrocketing increase in transaction volumes from 440,000 to over 2.06 million per day, despite a temporary fee increase above $1.
This rapid growth underscores Base’s popularity and adoption in the crypto community, as shown by DefiLlama data. The rise of meme coins, like Degen, Normie, Chad, and Brett on Base, mirrors a trend seen on Solana.
Solana’s meme coins, such as Dogwifhat (WIF), surged, with WIF reaching a $2.75 billion market cap. On Base, meme coins are gaining traction, although their market caps haven’t matched Solana’s yet.
Coinbase, the force behind Base, is enhancing its appeal by developing a smart contract wallet, aiming to simplify trading for its 100 million users. This move could further boost Base’s adoption and usage.
Base’s rapid TVL growth, fueled by meme coins and supported by Coinbase’s initiatives, highlights its growing importance in the crypto space.
Also Read: Coinbase Base Network Hits Record $356M Daily Trading Volume
