Base Network’s Soaring Ascent: 97.21% TVL Surge in 30 Days, Dominating 80% of Ethereum Transactions
In a remarkable turn of events in the world of blockchain and decentralized finance (DeFi), Coinbase’s Layer 2 network, Base, has soared ahead of Solana in terms of Total Value Locked (TVL). Base’s meteoric rise to a staggering $370.29 million TVL in just over a month and a half since its August launch has left Solana trailing behind with a $310.43 million TVL, according to DefiLLama.
Base’s triumph isn’t limited to TVL alone. Recent statistics from Nansen AI reveal some fascinating insights into the network’s daily activity and user base. With approximately 70,000 daily active addresses, Base is bustling with around 680,000 daily transactions. These figures underscore the network’s popularity and the trust users are placing in it for their crypto activities.
Furthermore, Base’s user base extends to a variety of entities, including notable platforms like Friend.tech, Rabbithole, and Stargate. These interactions showcase the diverse utility and adoption of the Base network across different DeFi projects, enhancing its credibility and reach.
Some interesting Base stats from @nansen_ai
> ~70K Daily Active Addresses (by Sender – only counts addresses that have sent a txn)
> ~680K daily transactions
> Base Users by Entity (addresses interacting with each entity): https://t.co/CBllfKPbUc, Rabbithole, Stargate
— Ali (@analyticalali) September 25, 2023
Base continues to draw attention with its impressive user engagement metrics. In the realm of active addresses, Base boasts an astonishing number of unique users:
- Unique 1 Day: 1.08 million users
- Unique 7 Days: 6.9 million users
- Unique 30 Days: 24.7 million users
These numbers paint a vivid picture of Base’s growing user base, highlighting its widespread appeal among crypto enthusiasts.
Base’s significance extends beyond its own network, as it plays a pivotal role in Ethereum transactions. Approximately 80% of Ethereum transactions now involve Base, reinforcing its position as a key player in the Ethereum ecosystem.
In addition to its growing prominence, Base offers cost-effective transactions, with an average daily gas cost of just around $0.03 USD. This affordability is particularly noteworthy in a crypto landscape where high gas fees can be a significant concern for users.
The past 30 days have witnessed unprecedented growth for Base, as DeFi Llama’s data reveals a staggering 97.21% increase in the network’s TVL during this period. This meteoric rise contrasts sharply with Solana, which saw a 9.64% decrease in TVL over the same timeframe.
The growing TVL and user engagement on Base are indicative of the network’s increasing prominence and utility in the DeFi space. As Base continues to build momentum and outperform established competitors like Solana, it is poised to play an even more substantial role in shaping the future of decentralized finance.
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