Coinbase 的基础区块链超越 Cardano 和 Arbitrum 成为业内最大的 L2 平台

Base 是 Coinbase 于 2023 年推出的第 2 层网络，随着其生态系统的增长，它正在全速运转。已经超越了其他

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于2023年推出的第二层网络，已迅速成为加密货币行业的主要力量。它已经超越 Polygon、Arbitrum 和 Optimism 等其他流行的 L2 网络，成为业界最大的平台。 Base 还超越了大多数第一层网络，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 的总锁定价值超过 36 亿美元，稳定币市值为 36 亿美元。相比之下，成立于 2021 年的 Arbitrum 的 TVL 为 30 亿美元，稳定币市值为 60 亿美元。

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 最直接的竞争对手是 Cardano，目前其市值超过 300 亿美元。 Base 拥有 416 个 DeFi dApp，而 Cardano 只有 40 个 dApp，TVL 为 4.6 亿美元。

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）行业也有同样的表现，Base 已成为该行业的主要参与者。数据显示，自成立以来，它已处理超过 1800 亿美元的加密货币交易量。

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.

一些去中心化应用程序（dApp）正在推动 Base Blockchain 的增长。 Aerodrome 已成为加密货币行业最大的 DEX 网络之一，累计处理超过 1070 亿美元的交易，过去 30 天处理的交易额达到 310 亿美元。

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 区块链上运行。自 2024 年扩展到网络以来，他们的处理量已超过 40 亿美元。

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 行业的其他领域也出现了强劲增长。例如，Morpho Blue 在其网络中吸引了超过 3.67 亿美元的 TVL，并且这一数字还在持续快速增长。

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 是另一个从 Polkadot 迁移到 Base 的借贷协议，也出现了强劲增长，其 TVL 飙升至超过 1.58 亿美元。基础区块链网络中的其他顶级协议包括 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%.

这些数字表明，如果进行空投，基础区块链将吸引相当高的估值。 Polymarket 的一项民意调查显示，第一季度出现空投的可能性仅为 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.

估计 Base 潜在市值的最佳方法是将其与其他二层网络进行比较。 Arbitrum 规模小于 Base，市值为 31.3 亿美元，完全摊薄后估值为 74 亿美元。 Optimism 的市值为 24.7 亿美元，FDV 超过 78 亿美元。

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，如果基地发起空投，有可能获得至少100亿美元的FDV。对于市值超过 620 亿美元的 Coinbase 来说，这将是一个巨大的收益。