Daily user count on Coinbase's Layer-2 platform reaches 136,000 daily.
In a significant move, Coinbase, the renowned cryptocurrency exchange, introduced a new Ethereum Layer-2 network called Base on August 9th. Since its launch, Base has been making waves in the crypto community, with a growing number of users and a surge in activity.
The platform, built on the OP Stack, aims to provide a secure, low-cost, and developer-friendly Layer-2 solution for Ethereum. Overnight trading volumes on Base have surpassed $186 million since Thursday, according to Dune Analytics.
One of the key factors contributing to Base's popularity is the use of the Friend.tech app, a platform similar to Twitter. This application facilitates the trading of "shares" of other users, allowing users to view posts and interact with one another. As of August 10th, Base has approximately 136,000 daily users, a figure that continues to grow.
Activities like decentralized exchanges and decentralized finance (DeFi) applications are flourishing on Base. Noteworthy trading pairs on Base include Unibase (UNIBASE), Punk (PUNK), and BaseShib (BASESHIB). The surge in the total value locked in DeFi apps on Base highlights its increasing adoption and utility. As of the latest data, the total value locked in DeFi apps on Base has surged to $74.56 million.
Moreover, meme coins, inspired by internet jokes, gained traction pre-launch and are tradable with Base's tools. This unique feature adds a fun element to the platform, attracting a wider audience.
Base's rapid ascent in user engagement continues to underscore its potential as a prominent Ethereum Layer-2 network. Despite some challenges, Base's popularity continues to endure and grow, placing it among the top five networks in terms of fund movement, trailing behind Arbitrum One and Optimism Mainnet.
As Base continues to evolve, it's clear that it's poised to play a significant role in the Ethereum ecosystem, offering a scalable and cost-effective solution for a wide range of decentralized applications.
