Ethereum's Base Layer Soars as Meme Coin Mania Fuels TVL Surge

Ethereum layer-2 network Base has witnessed a remarkable surge in its total value locked (TVL), doubling to $2.13 billion within a month. This rapid growth is attributed to the popularity of meme coins on the platform, mirroring a trend that has also benefited the Solana network.

Ethereum's Base Layer Surges in Value, Fueled by Meme Coin Mania

By The Wall Street Journal

Ethereum's layer-2 network, Base, has witnessed an exponential surge in its total value locked (TVL), doubling to $2.13 billion in under a month. This milestone, achieved just 25 days after crossing the $1 billion TVL threshold on February 27, underscores the network's burgeoning popularity and adoption within the cryptocurrency community.

Data from DefiLlama suggests that the rapid accumulation of TVL is a testament to Base's growing allure and usage among crypto enthusiasts. The network's surge is largely attributed to the rise of meme coins, digital assets that often originate as internet jokes but have garnered substantial market capitalizations.

The meme coin frenzy has been a driving force behind the adoption and growth of Base, mirroring a trend that has benefited Solana (SOL). Solana's network witnessed a surge in popularity due to meme coins such as Dogwifhat (WIF), which reached an all-time high market cap of $2.84 billion. Book of Meme (BOME) and Slerf (SLERF) also achieved significant market caps shortly after their launch on Solana.

On Base, meme coins such as Degen (DEGEN), Normie (NORMIE), Chad (CHAD), and Brett (BRETT) are gaining traction, although their market caps have not yet reached the heights of Solana's meme coins.

Adding to Base's appeal is Coinbase, the crypto exchange behind the network, which is developing a native smart contract wallet. This wallet aims to streamline the trading experience for Coinbase's 100 million registered users by eliminating the need to memorize seed phrases or private keys. The wallet's launch is expected to further accelerate the adoption and use of Base.

In addition to its meme coin craze, Base has seen a surge in transaction volume following its Dencun update, which introduced significant performance enhancements and reduced transaction costs. This update has made Base a more attractive option for developers and users alike, contributing to its overall growth.

As the meme coin frenzy continues to captivate the crypto community, Base is well-positioned to benefit from the increased activity and adoption. The network's unique features, coupled with Coinbase's backing, make it a compelling choice for meme coin enthusiasts and crypto users seeking a seamless and efficient trading experience.