• 29 May, 2024
News

TVL On Coinbase’s Layer 2 Network Base Exceeds $106 Million

Base, the layer 2 network backed by American crypto giant Coinbase, recently reached a key milestone when its total value locked (TVL) topped $106 million. Base, which had been in an uptrend since the beginning of the month, also recorded an all-time high in terms of daily active users earlier this week.

Crypto influencer HenryVu took to X earlier today to share Base’s latest developments:

Citing data from the on-chain analytics platform DeFiLlama, HenryVu pointed out that Base’s TVL had reached $106.88 million. Over the past 24 hours, Base earned fees totaling over $215,000 and revenue of $164,495. Additionally, data from DEX Screener showed that Base’s 24-hour trading volume came in at more than $135 million, with nearly 300,000 transactions.

RocketSwap was the most popular decentralized exchange on Base, accounting for over two-thirds of the total transactions. FLOKI/WETH was the most traded pair, bringing in a trading volume of $12.7 million. BaseSwap was the second most popular decentralized exchange, with a trading volume of $45 million and nearly 30,000 transactions.

The launch of Base’s mainnet on August 9 gave a significant boost to the network. Once the mainnet went live, the daily active users soared to an all-time high of 136,047 but have since declined to a little over 40,000. Data from Dune Analytics showed that the value of the total assets bridged to Base was a whopping $192 million at the time of writing.

Friend Tech, a social network built on base, was identified as one of the major drivers of the total users on the layer 2 network. However, the daily transactions and active users on the network appeared to be declining. The daily new users took a significant hit of 74% after Base added just 12,495 users on August 12, 2023. Meanwhile, the daily transactions reached a weekly low of 170,000, marking a daily decline of 73%.

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