Ethereum layer-2 network Base has seen a remarkable increase in its total value locked, reaching $2.13 billion in less than a month, driven by the current meme coin frenzy.

The network reached the $1 billion total value locked mark on Feb. 27, just 226 days after its launch in August, and surpassed $2 billion only 25 days later.

Data from DeFiLlama shows that the rapid growth in TVL reflects the increasing popularity and adoption of the Base network within the crypto community.

The surge in Base’s TVL is largely attributed to the rise of meme coins on its platform, following a trend similar to what has benefited the Solana network.

Meme coins, which often originate as internet jokes but can gain significant market capitalization, are believed to be driving the adoption and expansion of the Base network.

There are indications within the community that there may be a shift in interest from Solana to Base, particularly in the context of meme coin trading activities.

On the Base network, meme coins like Degen, Normie, Chad, and Brett are gaining traction, although their market caps have not yet reached the levels seen with Solana’s meme coins.

Additionally, Coinbase, the crypto exchange backing Base, is working on a native smart contract wallet to enhance the trading experience for its 100 million registered users. This wallet aims to simplify trading by eliminating the need to remember seed phrases or private keys, potentially increasing the adoption and usage of the Base network.

Base’s transaction volume has seen a significant increase following the Dencun update, indicating a positive trend for the network’s growth and development.

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