Coinbase 的基礎區塊鏈超越 Cardano 和 Arbitrum 成為業界最大的 L2 平台

Base 是 Coinbase 於 2023 年推出的第 2 層網絡，隨著其生態系統的成長，它正在全速運轉。已經超越了其他

Launched by Coinbase in 2023, Base is a layer-2 network that has quickly become a major force in the cryptocurrency industry. It has overtaken other popular L2 networks like Polygon, Arbitrum, and Optimism to become the biggest platform in the industry. Base has also overtaken most layer-1 networks like Cardano, Avalanche, Tezos, Cronos, and Near Protocol.

Base是Coinbase於2023年推出的第二層網絡，已迅速成為加密貨幣產業的主要力量。它已經超越 Polygon、Arbitrum 和 Optimism 等其他流行的 L2 網絡，成為業界最大的平台。 Base 也超越了大多數第一層網絡，如 Cardano、Avalanche、Tezos、Cronos 和 Near Protocol。

For instance, Base has a total locked value of over $3.6 billion and a stablecoin market value of $3.6 billion. In comparison, Arbitrum, which was established in 2021, has a TVL of $3 billion and a stablecoin market value of $6 billion.

例如，Base 的總鎖定價值超過 36 億美元，穩定幣市值為 36 億美元。相比之下，成立於 2021 年的 Arbitrum 的 TVL 為 30 億美元，穩定幣市值為 60 億美元。

The most direct competitor to Base is Cardano, which has a market cap of over $30 billion today. Base has 416 DeFi dApps, while Cardano has just 40 dApps and a TVL of $460 million.

Base 最直接的競爭對手是 Cardano，目前市值超過 300 億美元。 Base 擁有 416 個 DeFi dApp，而 Cardano 只有 40 個 dApp，TVL 為 4.6 億美元。

The same performance is seen in the Decentralized Exchange (DEX) industry, where Base has become a major player. Data shows that it has handled over $180 billion in cryptocurrency volume since its inception.

去中心化交易所（DEX）產業也有同樣的表現，Base 已成為該產業的主要參與者。數據顯示，自成立以來，它已處理超過 1800 億美元的加密貨幣交易量。

Several decentralized applications (dApps) are driving Base Blockchain's growth. Aerodrome has become one of the biggest DEX networks in the crypto industry, handling over $107 billion in transactions cumulatively and $31 billion in the last 30 days.

一些去中心化應用程式（dApp）正在推動 Base Blockchain 的成長。 Aerodrome 已成為加密貨幣行業最大的 DEX 網路之一，累計處理超過 1,070 億美元的交易，過去 30 天處理的交易額達到 310 億美元。

Uniswap, PancakeSwap, Swaap, and Sushi also operate on the Base blockchain. They have handled over $4 billion in volume since expanding to the network in 2024.

Uniswap、PancakeSwap、Swaap 和 Sushi 也在 Base 區塊鏈上運行。自 2024 年擴展到網路以來，他們的處理量已超過 40 億美元。

Base Blockchain is also seeing strong growth in other areas of the DeFi industry. For example, Morpho Blue has attracted a TVL of over $367 million in its network, a figure that is continuing to increase rapidly.

Base Blockchain 在 DeFi 產業的其他領域也出現了強勁成長。例如，Morpho Blue 在其網路中吸引了超過 3.67 億美元的 TVL，而這一數字仍在持續快速增長。

Moonwell, another lending protocol that moved to Base from Polkadot, has also seen strong growth, with its TVL surging to over $158 million. The other top protocols in the Base Blockchain network include Extra Finance, Overnight Finance, and Beefy.

Moonwell 是另一個從 Polkadot 遷移到 Base 的借貸協議，也出現了強勁增長，其 TVL 飆升至超過 1.58 億美元。基礎區塊鏈網路中的其他頂級協議包括 Extra Finance、Overnight Finance 和 Beefy。

These numbers indicate that the Base Blockchain would attract a substantially high valuation if it were to have an airdrop. A Polymarket poll puts the odds of an airdrop in the first quarter at just 10%.

這些數字表明，如果進行空投，基礎區塊鏈將吸引相當高的估值。 Polymarket 的一項民調顯示，第一季出現空投的可能性僅為 10%。

The best way to estimate the potential market cap of Base is to compare it with other layer-2 networks. Arbitrum, which is smaller than Base, has a market cap of $3.13 billion and a fully diluted valuation of $7.4 billion. Optimism has a market cap of $2.47 billion and an FDV of over $7.8 billion.

估計 Base 潛在市值的最佳方法是將其與其他二層網路進行比較。 Arbitrum 規模小於 Base，市值為 31.3 億美元，完全稀釋後估值為 74 億美元。 Optimism 的市值為 24.7 億美元，FDV 超過 78 億美元。

Therefore, there is a possibility that Base could receive an FDV of at least $10 billion if it were to launch an airdrop. This would be a significant gain for Coinbase, which has a market cap of over $62 billion.

因此，如果基地發起空投，有可能獲得至少100億美元的FDV。對於市值超過 620 億美元的 Coinbase 來說，這將是一個巨大的收益。