Base的激增：以太坊生态系统的祝福还是诅咒？

在以太坊 Dencun 升级之后，Coinbase 的 Base Layer 2 平台的活动激增，每日活跃用户增加了一倍以上，每日交易量增加了两倍。由于希望利用较低费用和更快交易的加密货币投资者的兴趣，该网络的 TVL 也显着增加。

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

Base的激增：对以太坊生态系统来说是福还是祸？

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 升级引发了以太坊 Layer 2 (L2) 生态系统的狂热活动，其中 Coinbase 的 Base 表现尤为突出。虽然最初围绕升级的兴奋导致一些 L2 链的费用激增，但 Base 成功扭转了这一趋势，导致一些人质疑其增长的可持续性。

Soaring Metrics: A Sign of Base's Dominance?

飙升的指标：基地统治地位的标志？

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 升级以来，Base 见证了链上指标的爆炸式增长。该网络现在平均每天有超过 200,000 名活跃用户和新用户，而升级前这一数字还不足 100,000 名。 3 月 16 日，该指标的活跃新用户激增至超过 850,000 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.

同样，网络上的每日交易量增加了两倍，从约 45 万笔增加到平均超过 120 万笔。与此同时，网络的总锁定价值（TVL）也一直处于稳定上升的轨道。

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.

根据 Defi Llama 的数据，Base 的 TVL 已接近 10 亿美元，达到 9.85 亿美元。然而，L2Beat 数据不仅考虑了锁定在特定协议中的资产，还考虑了桥接和本地铸造的资产，得出的这一价值为 25.7 亿美元，在过去 7 天内增长了 82%，令人震惊。

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

Base的优势：Coinbase的影响还是德根的投机？

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.

那么Base迅速崛起的背后是什么？虽然 Dencun 升级无疑促进了 L2 链活动的增加，但似乎还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.

一个关键因素是 Base 与 Coinbase 的密切联系，Coinbase 是美国最大的加密货币交易所，拥有超过 1 亿注册用户。 Coinbase 作为网络的入口，并计划在 Base 上构建自己的链上产品。

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.

这种联系并没有被加密货币领域最臭名昭著的参与者所忽视：degens，即经常向新项目投入资金以期取得巨大成功的投资者。数据表明，这些加密货币投资者正从持续的 Solana memecoin 热潮中获益，纷纷涌向 Base。

Memecoin Mania: A Double-Edged Sword?

Memecoin 狂热：一把双刃剑？

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 的涌入导致 Base 上的 memecoin 活动激增，像 Toshi 这样的代币价格迅速上涨。虽然这种兴奋促进了网络的发展，但也引发了对其势头可持续性的担忧。

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 通常是高度投机的投资，效用有限，而且它们的受欢迎程度可能稍纵即逝。 memecoin 估值急剧下降可能会导致恐慌性抛售和对 Base 生态系统失去信心。

The Flipside: Separating Hype from Tangible Value

另一方面：将炒作与有形价值分开

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.

除了模因币之外，还有证据表明资本转向与 Base 上有形项目相关的代币，例如 Aerodome Finance 的 AERO。这表明 Base 不仅依赖于 degen 投机，而且有潜力促进有意义的创新。

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，最近活动的激增也吸引了不良行为者，拉扯和其他骗局变得越来越普遍。这凸显了投资者在投资新的和未经测试的项目时进行彻底研究并保持谨慎的重要性。

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

未来之路：可持续增长还是炒作驱动的萧条？

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 上的活动激增引发了人们对其增长可持续性的质疑。虽然该网络与 Coinbase 的联系以及 degen 投资者的涌入为其最初的成功做出了贡献，但 Base 能否长期保持其势头仍有待观察。

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 长期生存的关键在于其培养有价值和创新项目的繁荣生态系统的能力。如果它能够吸引并留住正在构建有意义的应用程序和服务的开发人员和用户，它就有潜力成为以太坊 L2 领域的主要参与者。

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，如果它变得过度依赖 degen 投机和 memecoin 炒作，它的增长可能会被证明是短暂的。只有时间才能证明 Base 能否在加密货币市场的危险水域中航行并成为以太坊生态系统中不可忽视的力量。