On April 7, the United States-based cryptocurrency exchange Coinbase‘s Layer-2 network, Base, marked two significant achievements. It achieved a higher number of transactions per second than the Ethereum mainnet and also saw its ecosystem’s total locked-in value reach a new high.
Surge in Base Network Popularity
As Bitcoin‘s price hovered near $70,000, the Base Network witnessed a revival in the appeal of its associated memecoin projects, delighting its investors. Blockchain analytics platform DeFiLlama revealed that the network’s Total Value Locked (TVL) skyrocketed to $1.298 billion, indicating a strong inflow of investment into Base’s projects. Additionally, competitor analytics platform IntoTheBlock reported that Base’s transaction rate now stands at 36 per second, surpassing Ethereum’s 14.
Memecoin Projects and NFT Market Thrive
Simultaneously, memecoin projects within Base, such as Brett (BRETT), Toshi (TOSHI), Normie (NORMIE), Doginme (DOGINME), Mochi (MOCHI), and Base God (TYBG), enjoyed price surges ranging from 8% to 40% on the same date. The Base ecosystem also saw significant developments in its NFT market, particularly on the Zora platform, where investors have shown robust interest despite the blockchain NFT market’s general underperformance.
Inferences from This Article
- Base Network now processes more transactions per second than Ethereum, indicating superior network efficiency.
- The record-high TVL suggests increasing investor confidence in the Base ecosystem’s projects.
- Memecoin projects within Base Network are experiencing notable price increases, potentially offering lucrative opportunities.
- Base’s NFT market is outpacing the general NFT market trend, attracting significant investor attention and trade activity.
These developments imply significant growth and potential for the Base Network, as it not only challenges but exceeds the capabilities of established blockchains like Ethereum, positioning itself as a strong player in the cryptocurrency exchange landscape.