The layer-2 blockchain network introduced by Coinbase, referred to as Base, is thriving in the sectors of decentralized finance and non-fungible tokens.
As per DeFi Llama’s reports, Base now leads as the largest layer-2 network within cryptocurrency. It boasts a significant number of 410 decentralized finance (DeFi) applications. Notable players in its DeFi ecosystem include Aerodrome, Uniswap, Morpho Blue, and Moonwell.
Morpho, a competitor in the Aave ecosystem, is expected to persist in its expansion following Coinbase’s announcement of Bitcoin-backed loans on their platform.
Over the past week, Base’s DEX networks have seen a transaction volume of approximately $12.2 billion, which represents a significant portion within the layer-2 industry. Since its launch, protocols within this ecosystem have facilitated transactions valued at an impressive $264 billion in total.
It’s plausible that this surge in value is due to the expanding Base meme coin ecosystem, currently worth more than $2.6 billion. Notably, the top meme coins within this system include Brett, Akuma Inu, Toshi, and Degen.
The Base platform has now taken the lead as the largest layer-2 network within the NFT sector. In just the past week, its NFT sales skyrocketed by 45% to reach a total of approximately $8.3 million. Simultaneously, the number of its buyers increased by a staggering 128%, surpassing 15,000. Additionally, the cumulative sales of its NFTs have now surpassed $62 million.
Data from DappRadar indicates that approximately 40 million transactions were processed through Base within the past month.
In terms of transactions, Arbitrum (ARB) processed approximately 6.21 million, while Polygon (POL) handled a significantly higher number at around 29.3 million. Meanwhile, the base platform registered about 15 million unique active wallets compared to Arbitrum’s and Polygon’s 1.12 million and 3.69 million, respectively. Notably, the base platform is expanding its footprint in the artificial intelligence and gaming sectors.
If Coinbase were to conduct an airdrop, it’s plausible that Base could receive a substantial appraisal, potentially surpassing the current market capitalization of Arbitrum ($3.2 billion) and even its fully diluted valuation ($7.5 billion).
In simpler terms, since the optimistic layer-2 network (referred to as ‘Optimism’) boasts a Market Capitalization of $2.47 billion and a Future Diluted Valuation (FDV) of $7.85 billion, it can be inferred that another similar network (‘Base’) should have an FDV of at least $7 billion.
Indications point towards Coinbase potentially unveiling the Base airdrop in the year 2025. Notably, their 2025 blueprint contains a segment on decentralization, suggesting that they might be contemplating giving more control to their community members when it comes to decision-making processes.
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2025-01-19 17:38