The Coinbase-backed Ethereum layer-2 network, Base, has seen a surge in activity with record-high transactions, DEX volumes, and revenue. On March 29th, Base processed 2.27 million transactions, surpassing its previous high set on March 18th. DEXs on Base also reached record-high volumes of $676.49 million in a 24-hour period, contributing to the network's total value locked exceeding $1 billion. Furthermore, the launch of mfercoin by Sartoshi and Coinbase's plans to store corporate and customer USDC balances on Base's L2 further fueled activity.
Coinbase-Backed Layer-2 Network Base Experiences Surge in Activity
New York, March 31, 2023 - Base, the Ethereum layer-2 (L2) network backed by leading cryptocurrency exchange Coinbase, has witnessed a significant surge in activity in the closing days of March, signaling growing adoption and investor confidence.
According to data from Dune Analytics, Base recorded a record-breaking 2.27 million transactions on March 29th, the highest number of transactions processed on the network to date. This surge follows another record set on March 18th, when weekly transactions reached approximately 9.59 million, surpassing the previous high of 9.3 million in September 2022.
In addition to the surge in transactions, Base's weekly network revenue reached an all-time high on March 18th, indicating strong demand for the network's services. Decentralized exchanges (DEXs) operating on Base also experienced record-high volumes, reaching $676.49 million in a 24-hour period. March's DEX activity on Base totaled $6.67 billion, significantly higher than the previous month's $1.26 billion.
The surge in activity on Base coincides with Coinbase's announcement of plans to store more corporate and customer USDC balances on Base's L2, effectively bridging the gap between centralized and decentralized finance. This strategic move further enhances Base's value proposition by providing a secure and scalable platform for USDC transactions.
Furthermore, the launch of mfercoin by pseudonymous crypto artist Sartoshi, founder of the highly successful cc0 nonfungible token (NFT) collection mfers, has contributed to the increased activity on Base. mfercoin was airdropped to holders of mfer NFTs, leading to a 6000% increase in NFT sales and a rise in the mfer NFT floor price on OpenSea to 0.719 ETH.
The surge in activity on Base, fueled by record transactions, DEX volumes, and strategic initiatives, suggests strong investor confidence in the network's potential. As the cryptocurrency market continues to evolve, Layer-2 solutions like Base play an increasingly important role in providing scalability and cost-effectiveness for blockchain-based applications.
