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Base Chain, Coinbase’s layer-2 blockchain network launched in 2023, has shown impressive growth in key metrics and is steadily increasing its market share in the cryptocurrency space.

Base Chain Surpasses Ethereum in Weekly Transactions

Recent data highlights Base Chain’s growing dominance in the layer-2 industry. According to Nansen, Base recorded a 27% increase in weekly transactions, reaching 65.9 million—significantly higher than Ethereum’s 9.4 million transactions during the same period. This sharp rise underscores Base Chain’s efficiency and appeal to users seeking faster and cost-effective transactions.

Active Addresses Continue to Surge

Base Chain has also seen a substantial increase in active addresses, jumping 42% in the past week to 9.7 million. This figure far exceeds Ethereum’s 2.14 million active addresses and demonstrates Base’s ability to attract more users compared to other major layer-2 networks such as Arbitrum, Polygon, and Optimism.

Base Chain’s Transaction Volume Approaches $400 Billion

Data from DeFi Llama indicates that protocols on Base Chain are nearing a significant milestone, with total transaction volume surpassing $363 billion since its launch. In the last 30 days alone, Base has handled $25 billion in transactions, setting it on track to reach $400 billion by mid-year.

Leading DEX Networks on Base Chain

Aerodrome leads the decentralized exchange (DEX) activity on Base Chain, processing over $183 billion in transactions since its inception. Uniswap follows closely, having handled more than $130 billion. Other notable players include PancakeSwap, Woofi, Javsphere, and Sushi, all contributing to the network’s robust activity.

Base Chain’s Position in DeFi

Base Chain has become a major player in decentralized finance (DeFi), ranking as the sixth-largest blockchain in terms of total value locked (TVL). Its TVL has climbed to $4.7 billion, surpassing chains like Sui, Avalanche, Cardano, and Cronos.

Lower Fees and Meme Coin Ecosystem Propel Growth

Base Chain’s increasing popularity can be attributed to its lower transaction fees and faster processing speeds compared to competitors. Additionally, it has carved out a niche in the meme coin industry, with tokens on its ecosystem collectively achieving a market cap of over $1.7 billion. Prominent meme coins on Base include Brett (BRETT), Toshi, Degen, and Ponke.

No Plans for a Base Airdrop

Despite its success, Coinbase has resisted calls for a Base airdrop, which would involve distributing the $BASE token to investors. Current market odds suggest only a 2% probability of an airdrop happening in the near term, reflecting traders’ skepticism about such a move.

Potential Valuation of Base Token

If an airdrop were to occur, Base’s valuation could be substantial. For comparison, Arbitrum, a smaller player, has a fully diluted valuation (FDV) of $3.9 billion, while Optimism and Polygon have FDVs of $3.07 billion and $2.46 billion, respectively. Given Base’s rapid growth, its valuation would likely exceed these figures.

Key Takeaways:

  • Base Chain’s weekly transactions and active addresses are outperforming Ethereum and other layer-2 networks.
  • Protocols on Base Chain are nearing a $400 billion transaction milestone, with Aerodrome and Uniswap leading the DEX activity.
  • Base Chain ranks as the sixth-largest blockchain in DeFi, with a total value locked of $4.7 billion.
  • Lower fees, faster speeds, and a thriving meme coin ecosystem are driving user adoption.
  • No immediate plans for a Base airdrop, but the network’s valuation potential remains strong.

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