Base Network's TVL Surges to $2B: Memecoin Craze or Legitimate Adoption?

Base, an Ethereum layer-2 network, has witnessed a meteoric rise in its total value locked (TVL), doubling to $2.13 billion in less than a month. This surge is partly attributed to speculation surrounding memecoins, with community members suggesting a shift in focus from Solana, which has seen a significant surge in memecoin trading.

Base Network's TVL Soars to $2B: Memecoin Craze or Real Adoption?

What's the Story with Base's TVL Doubling Up?

The Ethereum layer-2 network, Base, has witnessed a meteoric rise in total value locked (TVL), doubling to a whopping $2.13 billion in less than a month. Just 226 days after its August launch, Base hit the $1 billion TVL milestone on February 27. But it took a mere 25 days to surpass the $2 billion mark, according to L2 Beat data.

Memecoins: Driving Force or Passing Fad?

Analysts are buzzing about the role of memecoins in propelling Base's adoption, potentially chipping away at Solana's market share. Solana has seen a surge in memecoin trading, but some community members believe the focus may be shifting to Base.

Solana's Memecoin Mania

Solana's memecoin frenzy was led by Dogwifhat (WIF), which soared to an all-time high market cap of $2.84 billion after its December launch. Book of Meme (BOME) and Slerf (SLERF) also reached impressive market caps of $1.48 billion and $524 million, respectively, within days of their Solana debuts.

Base's Memecoin Landscape

Degen (DEGEN), Base God (TYBG), and Brett (BRETT) are among the notable memecoins on the Base network, boasting growing communities. However, their market caps remain modest compared to recent sensations like WIF and BONK.

Coinbase's Role: Game Changer or Overhyped?

Base's prospects are bolstered by Coinbase, the crypto exchange behind the network, which is developing a native smart contract wallet. This wallet will simplify trading on Base for Coinbase's 100 million registered users, eliminating the need for seed phrases or private keys.

Conclusion: Memecoin Hype or Solid Foundations?

While memecoins may be fueling Base's initial surge, the network's long-term success hinges on its ability to attract genuine users and foster a thriving ecosystem. Only time will tell if Base can sustain its momentum and establish itself as a serious contender in the layer-2 landscape.