Base的激增：以太坊生態系統的祝福還是詛咒？

在以太坊 Dencun 升級之後，Coinbase 的 Base Layer 2 平台的活動激增，每日活躍用戶增加了一倍以上，每日交易量增加了兩倍。由於希望利用較低費用和更快交易的加密貨幣投資者的興趣，該網路的 TVL 也顯著增加。

Base's Surge: A Blessing or a Curse for the Ethereum Ecosystem?

Base的激增：對以太坊生態系統來說是福還是禍？

The recent Ethereum Dencun upgrade has sparked a frenzy of activity in the Ethereum Layer 2 (L2) ecosystem, with Coinbase's Base emerging as a standout performer. While the initial excitement surrounding the upgrade has led to a surge in fees on some L2 chains, Base has managed to buck this trend, leading some to question the sustainability of its growth.

最近的以太坊 Dencun 升級引發了以太坊 Layer 2 (L2) 生態系統的狂熱活動，其中 Coinbase 的 Base 表現特別突出。雖然最初圍繞升級的興奮導致一些 L2 鏈的費用激增，但 Base 成功扭轉了這一趨勢，導致一些人質疑其成長的可持續性。

Soaring Metrics: A Sign of Base's Dominance?

飆升的指標：基地統治地位的標誌？

Since the March 13 Dencun upgrade, Base has witnessed an explosion in on-chain metrics. The network now boasts an average of over 200,000 active and new users daily, up from below 100,000 prior to the upgrade. On March 16, this metric surged to over 850,000 active new users.

自 3 月 13 日 Dencun 升級以來，Base 見證了鏈上指標的爆炸性增長。該網路現在平均每天有超過 20 萬名活躍用戶和新用戶，而升級前這一數字還不到 10 萬名。 3 月 16 日，該指標的活躍新用戶激增至超過 85 萬名。

Similarly, daily transactions on the network have tripled, rising from around 450,000 to an average of over 1.2 million. Meanwhile, the network's total value locked (TVL) has also been on a steady upward trajectory.

同樣，網路上的每日交易量增加了兩倍，從約 45 萬筆增加到平均超過 120 萬筆。同時，網路的總鎖定價值（TVL）也一直處於穩定上升的軌道。

According to Defi Llama data, Base's TVL is approaching $1 billion, standing at $985 million. However, L2Beat data, which takes into account not only assets locked in specific protocols but also bridged and natively minted assets, puts this value at $2.57 billion, a staggering 82% growth over the past seven days.

根據 Defi Llama 的數據，Base 的 TVL 已接近 10 億美元，達到 9.85 億美元。然而，L2Beat 數據不僅考慮了鎖定在特定協議中的資產，還考慮了橋接和本地鑄造的資產，得出的價值為 25.7 億美元，在過去 7 天內增長了 82%，令人震驚。

Base's Edge: Coinbase's Influence or Degen Speculation?

Base的優勢：Coinbase的影響還是德根的投機？

So what's behind Base's meteoric rise? While the Dencun upgrade has undoubtedly contributed to the increased activity on L2 chains, it appears that other factors are also at play.

那麼Base迅速崛起的背後是什麼呢？雖然 Dencun 升級無疑促進了 L2 鏈活動的增加，但似乎還有其他因素在起作用。

One key factor is Base's close association with Coinbase, the largest crypto exchange in the U.S. with over 100 million registered users. Coinbase serves as an on-ramp for the network and plans to build its own on-chain products on Base.

一個關鍵因素是 Base 與 Coinbase 的密切聯繫，Coinbase 是美國最大的加密貨幣交易所，擁有超過 1 億註冊用戶。 Coinbase 作為網路的入口，並計劃在 Base 上建立自己的鏈上產品。

This connection has not gone unnoticed by crypto's most infamous players: degens, or investors who often pour money into new projects in hopes of hitting it big. Data suggests that these crypto investors are flocking to Base with gains from the ongoing Solana memecoin frenzy.

這種聯繫並沒有被加密貨幣領域最臭名昭著的參與者所忽視：degens，即經常向新項目投入資金以期取得巨大成功的投資者。數據表明，這些加密貨幣投資者正從持續的 Solana memecoin 熱潮中獲益，紛紛湧向 Base。

Memecoin Mania: A Double-Edged Sword?

Memecoin 狂熱：一把雙面刃？

The recent influx of degens has led to a surge in memecoin activity on Base, with tokens like Toshi experiencing rapid price appreciation. While this excitement has contributed to the network's growth, it also raises concerns about the sustainability of its momentum.

最近 degen 的湧入導致 Base 上的 memecoin 活動激增，像 Toshi 這樣的代幣價格迅速上漲。雖然這種興奮促進了網路的發展，但也引發了對其勢頭可持續性的擔憂。

Memecoins are often highly speculative investments with limited utility, and their popularity can be fleeting. A sharp decline in memecoin valuations could lead to panic selling and a loss of confidence in the Base ecosystem.

Memecoin 通常是高度投機的投資，效用有限，而且它們的受歡迎程度可能稍縱即逝。 memecoin 估值急劇下降可能會導致恐慌性拋售和對 Base 生態系統失去信心。

The Flipside: Separating Hype from Tangible Value

另一方面：將炒作與有形價值分開

Beyond memecoins, there is also evidence of capital rotating to tokens tied to tangible projects on Base, such as Aerodome Finance's AERO. This suggests that Base is not solely reliant on degen speculation but also has the potential to foster meaningful innovation.

除了迷因幣之外，還有證據表明資本轉向與 Base 上有形項目相關的代幣，例如 Aerodome Finance 的 AERO。這表明 Base 不僅依賴 degen 投機，而且有潛力促進有意義的創新。

However, the recent surge in activity has also attracted bad actors, with rugpulls and other scams becoming increasingly prevalent. This highlights the importance of investors conducting thorough research and exercising caution when investing in new and untested projects.

然而，最近活動的激增也吸引了不良行為者，拉扯和其他騙局變得越來越普遍。這凸顯了投資者在投資新的和未經測試的項目時進行徹底研究並保持謹慎的重要性。

The Road Ahead: Sustainable Growth or Hype-Driven Bust?

未來之路：永續成長還是炒作驅動的蕭條？

The recent boom in activity on Base has raised questions about the sustainability of its growth. While the network's connection to Coinbase and the influx of degen investors have contributed to its initial success, it remains to be seen whether Base can maintain its momentum over the long term.

最近 Base 上的活動激增引發了人們對其成長可持續性的質疑。雖然該網絡與 Coinbase 的聯繫以及 degen 投資者的湧入為其最初的成功做出了貢獻，但 Base 能否長期保持其勢頭仍有待觀察。

The key to Base's long-term viability will lie in its ability to foster a thriving ecosystem of valuable and innovative projects. If it can attract and retain developers and users who are building meaningful applications and services, it has the potential to become a major player in the Ethereum L2 landscape.

Base 長期生存的關鍵在於其培養有價值和創新項目的繁榮生態系統的能力。如果它能夠吸引並留住正在建立有意義的應用程式和服務的開發人員和用戶，它就有潛力成為以太坊 L2 領域的主要參與者。

However, if it becomes overly reliant on degen speculation and memecoin hype, its growth may prove to be short-lived. Only time will tell whether Base can navigate the treacherous waters of the crypto market and emerge as a force to be reckoned with in the Ethereum ecosystem.

然而，如果它變得過度依賴 degen 投機和 memecoin 炒作，它的增長可能會被證明是短暫的。只有時間才能證明 Base 能否在加密貨幣市場的危險水域中航行並成為以太坊生態系統中不可忽視的力量。