Base Network Surpasses $3 Billion in Locked Assets, Drives User Adoption
The Base network, operating as a layer-2 solution on Ethereum, has seen a significant uptick in locked assets, surging by approximately 200% in the past month to exceed $3 billion, based on data from L2beat.
Jesse Pollak, a prominent figure in Base’s development, revealed that the network reached the $3 billion milestone just five days after surpassing $2 billion. Impressively, it took Base 203 days to hit its first billion, while the second billion was achieved in a mere 23 days.
Furthermore, insights from the Dune analytics dashboard, managed by Watermeloncrypto, suggest that Base’s daily active users have now exceeded 5 million, with total revenue surpassing $36 million.
This growth trend is anticipated to encourage more enterprises to engage in on-chain development. Ryan Watkins, the founder of Syncracy Capital, highlighted the potential impact of Base’s success, stating, “Base may serve as a key driver for mainstream companies to explore on-chain solutions, especially considering the substantial revenue being generated.”
READ MORE: Institutional Investments in Bitcoin Expected to Surpass $1 Trillion
Factors contributing to Base’s surge include a notable increase in meme coin activity and the introduction of innovative products. Recent weeks have witnessed a rise in meme coin traction on Base, leading to increased liquidity and improved market sentiment.
Despite these positive developments, Base faced challenges, with network fees briefly surpassing those of rival layer-2 platforms. To address this, the network adjusted its gas fee target, enhancing its capacity by 50%.
Additionally, Base has witnessed a surge in crypto developers creating new products on its platform, further driving adoption.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
