Base Network Soars with On-Chain Activity Surge

In a remarkable display of growth, Coinbase's Layer-2 blockchain network, Base, has garnered significant traction with daily transactions consistently surpassing 1 million. This surge is attributed to Bitget Wallet's record-breaking transactions, the Dencun network upgrade, and the "meme fever" phenomenon. The Base blockchain's success is bolstered by increasing funding, developer activity, and attention from decentralized social media platforms. Experts predict continued growth for Base as it solidifies its position as one of Ethereum's most active and utilized Layer-2 solutions.

Base Network Surges Amidst Rising On-Chain Activity

Coinbase's Base, an emerging Layer-2 blockchain network, has experienced a remarkable surge in on-chain activity in recent weeks, propelled by a confluence of factors, including network upgrades, meme fever, and social media integrations.

Surge in Transaction Volume

Data analytics reveal a significant uptrend in Base's mainnet transaction volume, with daily transactions consistently surpassing the 1 million mark over the past month. On March 28th, daily transaction volumes soared to an all-time high of 3 million, driven by the network's Dencun upgrade and the emergence of a "meme fever" within the ecosystem.

Bitget Wallet's Role

Bitget Wallet, a leading Web3 storage solution, has emerged as a major contributor to Base's growth. During the first week of April, Bitget Wallet processed over 200,000 daily transactions, accounting for more than 10% of the Base chain's total transaction volume.

Alvin Kan, COO of Bitget Wallet, attributes the surge to various factors, including the Dencun upgrade, the rise in Base's total value locked (TVL), and the influx of meme coins.

Meme Fever and SocialFi

The launch of a meme coin by the founder of the popular NFT project mfers, coupled with the trading of other popular meme coins, fueled a "Meme Fever" event on March 30th, driving the Base chain DEX's transaction volume to an unprecedented $1.22 billion.

Additionally, the growing excitement around decentralized social media networks FriendTech and Farcaster, as well as the buzz surrounding Degen Token, have contributed to increased attention and capital inflow into the Base ecosystem.

MOEW's Impact

Bitget Wallet's launch of the meme coin MOEW on April 3rd further boosted on-chain activity. The coin, which airdropped a substantial amount of free tokens to BWB point holders, generated significant transaction volume and briefly topped the Base chain's interaction leaderboard.

Bullish Outlook

Analysts remain highly optimistic about the future of the Base Network. As one of Ethereum's most actively utilized Layer-2 solutions, Base boasts a thriving on-chain ecosystem, a growing user base, and substantial developer support. On April 8th, Base's TVL reached $4.15 billion, placing it among the top three Ethereum layer-2 solutions.

In March 2024, Base's 30-day transaction count surpassed that of Ethereum and its rival Arbitrum, underscoring the network's increasing popularity.

The Base Network is poised for continued growth and innovation, driven by its strong foundation, dedicated community, and the support of key industry players. As the Web3 ecosystem expands, Base is well-positioned to play a significant role in the future of blockchain technology.

Disclaimer:

This article is provided for informational purposes only and should not be considered financial advice. Readers are strongly advised to conduct their own research and consult with qualified financial professionals before making any investment decisions.