Base, the Layer-2 Blockchain Network Launched by Coinbase, Is Doing Well in Decentralized Finance and the Non-Fungible Token Industries

According to DeFi Llama, Base has become the biggest layer-2 network in crypto. It has 410 dApps in the decentralized finance industry.

Coinbase (NASDAQ:COIN)’s layer-2 blockchain network, Base, is seeing strong adoption in the decentralized finance (DeFi) and non-fungible token (NFT) sectors.

According to data from DeFi Llama, Base has emerged as the largest layer-2 network in the cryptocurrency space. It boasts a total of 410 dApps in the DeFi domain. Some of the prominent players within Base’s DeFi ecosystem include Aerodrome, Uniswap, Morpho Blue, and Moonwell.

Morpho, a rival to AAVE, is expected to witness further growth following Coinbase’s recent announcement that it will be offering Bitcoin-backed loans on the platform.

In terms of volume, Base’s DEX networks have maintained a dominant position within the layer-2 landscape. Protocols within the Base ecosystem have processed a staggering $264 billion worth of transactions since the network’s launch. Over the past seven days alone, this volume has surged to $12.2 billion.

This growth can be attributed, in part, to the burgeoning meme coin ecosystem on Base, which now boasts a collective value of over $2.6 billion. Among the most popular meme coins within the network are Brett, Akuma Inu, Toshi, and Degen.

Moreover, Base has also ascended to become the largest layer-2 network in the NFT space. NFT sales on Base have surged by 45% over the past seven days, reaching $8.3 million, while buyers have increased by 128% to over 15,000. Cumulative NFT sales on the network have amounted to over $62 million.

Further data from DappRadar indicates that Base has processed nearly 40 million transactions in the past 30 days. Arbitrum (ARB) and Polygon (POL) handled 6.21 million and 29.3 million transactions, respectively, during the same period.

In terms of unique active wallets, Base had 15 million, compared to Arbitrum’s 1.12 million and Polygon’s 3.69 million. Base is also expanding its presence in the AI and gaming sectors.

Given these metrics, if Coinbase were to launch a Base airdrop, it would likely command a substantial valuation. It could potentially surpass that of Arbitrum, which currently has a market cap of $3.2 billion and a fully diluted valuation (FDV) of $7.5 billion.

Optimism (OP), another leading layer-2 network, has a market cap of $2.47 billion and an FDV of $7.85 billion. Hence, Base could be valued at a minimum of $7 billion.

There are indications that Coinbase may be preparing to launch the Base airdrop in 2025. The company’s roadmap for 2025 includes a section dedicated to decentralization, which could serve as a hint towards greater community involvement in decision-making.