{"id":552690,"date":"2023-09-24T12:45:53","date_gmt":"2023-09-24T12:45:53","guid":{"rendered":"https:\/\/wncen.com\/?p=552690"},"modified":"2023-09-24T13:03:53","modified_gmt":"2023-09-24T13:03:53","slug":"explosive-6-week-growth-sees-coinbases-base-hit-new-milestone","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/explosive-6-week-growth-sees-coinbases-base-hit-new-milestone\/","title":{"rendered":"Explosive 6-Week Growth Sees Base Hit New Milestone"},"content":{"rendered":"

Coinbase\u2019s layer 2 scaling solution, called Base, has seem a meteoric rise in popularity recently. In just six short weeks since its launch, Base’s total value locked (TVL) has skyrocketed to nearly $400 million. This rapid rise in use and popularity has even seen it recently overtake the Solana blockchain in TVL.\u00a0<\/span><\/p>\n

Coinbase’s Layer 2 Scaling Network TVL Overtakes Solana\u00a0<\/b><\/h2>\n

Base operates as a layer 2 network on Ethereum launched by Coinbase in collaboration with Optimism to offer a safe, low-cost, developer-friendly way to build on-chain. Since its launch, Base has managed to find a strong market fit, allowing it to quickly penetrate the crypto market. However, this hasn\u2019t been without some hiccups. <\/span><\/p>\n

Related Reading: XRP Forecast: Is A Retreat Below $0.5 Likely Before October?<\/a><\/div>\n

Before its public launch, Base had some glitches, which developers were able to rectify quickly. Earlier this month, the network faced another setback as block production unexpectedly stopped for 45 minutes. According to DeFi TVL aggregator DefiLlama, Base’s TVL has risen +111% in the past month to now holding more than $370.29 million.\u00a0<\/span><\/p>\n

Last week, Base’s growth saw it <\/span>blow past the Solana blockchain<\/span><\/a> in terms of transaction volume. This growth has continued, and the Layer-2 network has now moved ahead of Solana whose total value locked (TVL) dropped by 12.22% in the last month to $310 million. Also, this places Base’s TVL ahead of other popular chains like Cronos, Bitcoin, and Cardano.<\/span><\/p>\n

<\/p>\n

Crypto market cap currently at $1.03 trillion. Chart by TradingView.com<\/a><\/pre>\n
Base Sees Massive Growth In Just 6 Weeks<\/b><\/h2>\n
Base’s growth kickstarted with Aerodrome, a decentralized exchange, <\/span>which deposited $190 million on the network<\/span><\/a> after its launch. Base’s growth can also be attributed to the popularity of Friend.tech, a decentralized social app. With a current TVL of $38.6 million, Friend.tech is one of the projects native to Base with a the largest stake. Other projects with a considerable stake in TVL include Stargate, Curve DEX, and Compound V3.<\/span><\/p>\n
At the moment, Ethereum continues to lead the pack in terms of TVL. However, the coming months will be crucial in determining whether Base can sustain its momentum and continue gaining mainstream traction. At its current trajectory, Base could surpass $500 million in TVL in the coming weeks and solidify itself as a leader in layer-2 scaling networks.\u00a0<\/span><\/p>\n
Related Reading: Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty<\/a><\/div>\n
According to <\/span>BaseScan<\/span><\/a>, the number of daily transactions on Base reached a new high of 1.88 million on September 14, as reported by BaseScan. The layer-2 network has now processed more than 40.31 million transactions at the time of writing.<\/span><\/p>\n
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n
Featured image from iStock<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Coinbase\u2019s layer 2 scaling solution, called Base, has seem a meteoric rise in popularity recently. In just six short weeks since its launch, Base’s total value locked (TVL) has skyrocketed to nearly $400 million. This rapid rise in use and popularity has even seen it recently overtake the Solana blockchain in TVL.\u00a0 Coinbase’s Layer 2 Scaling Network TVL Overtakes Solana\u00a0 Base operates as a layer 2 network on Ethereum launched by Coinbase in collaboration with Optimism to offer a safe, low-cost, developer-friendly way to build on-chain. Since its launch, Base has managed to find a strong market fit, allowing it to quickly penetrate the crypto market. However, this hasn\u2019t been without some hiccups. Related Reading: XRP Forecast: Is A Retreat Below $0.5 Likely Before October? Before its public launch, Base had some glitches, which developers were able to rectify quickly. Earlier this month, the network faced another setback as block production unexpectedly stopped for 45 minutes. According to DeFi TVL aggregator DefiLlama, Base’s TVL has risen +111% in the past month to now holding more than $370.29 million.\u00a0 Last week, Base’s growth saw it blow past the Solana blockchain in terms of transaction volume. This growth has continued, and the Layer-2 network has now moved ahead of Solana whose total value locked (TVL) dropped by 12.22% in the last month to $310 million. Also, this places Base’s TVL ahead of other popular chains like Cronos, Bitcoin, and Cardano. Crypto market cap currently at $1.03 trillion. Chart by TradingView.com Base Sees Massive Growth In Just 6 Weeks Base’s growth kickstarted with Aerodrome, a decentralized exchange, which deposited $190 million on the network after its launch. Base’s growth can also be attributed to the popularity of Friend.tech, a decentralized social app. With a current TVL of $38.6 million, Friend.tech is one of the projects native to Base with a the largest stake. Other projects with a considerable stake in TVL include Stargate, Curve DEX, and Compound V3. At the moment, Ethereum continues to lead the pack in terms of TVL. However, the coming months will be crucial in determining whether Base can sustain its momentum and continue gaining mainstream traction. At its current trajectory, Base could surpass $500 million in TVL in the coming weeks and solidify itself as a leader in layer-2 scaling networks.\u00a0 Related Reading: Polkadot Cross-Chain Bid Takes Flight As DOT Battles Uncertainty According to BaseScan, the number of daily transactions on Base reached a new high of 1.88 million on September 14, as reported by BaseScan. The layer-2 network has now processed more than 40.31 million transactions at the time of writing. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock<\/p>\n","protected":false},"author":594,"featured_media":552697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87903,1020,1393,1946,79567],"class_list":["post-552690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-base","tag-blockchain","tag-coinbase","tag-ethereum","tag-layer-2"],"acf":[],"yoast_head":"\nExplosive 6-Week Growth Sees Base Hit New Milestone<\/title>\n<meta name=\"description\" content=\"Coinbase\u2019s layer 2 scaling solution, called Base, has seem a meteoric rise in popularity recently. 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Explosive 6-Week Growth Sees Base Hit New Milestone","url":"http:\/\/wncen.com\/news\/explosive-6-week-growth-sees-coinbases-base-hit-new-milestone\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/explosive-6-week-growth-sees-coinbases-base-hit-new-milestone\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-83.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-83.png?fit=998%2C660"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["base","blockchain","coinbase","ethereum","layer 2"],"dateCreated":"2023-09-24T12:45:53Z","datePublished":"2023-09-24T12:45:53Z","dateModified":"2023-09-24T13:03:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Explosive 6-Week Growth Sees Base Hit New Milestone\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/explosive-6-week-growth-sees-coinbases-base-hit-new-milestone\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/explosive-6-week-growth-sees-coinbases-base-hit-new-milestone\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-83.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-83.png?fit=998%2C660\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"base\",\"blockchain\",\"coinbase\",\"ethereum\",\"layer 2\"],\"dateCreated\":\"2023-09-24T12:45:53Z\",\"datePublished\":\"2023-09-24T12:45:53Z\",\"dateModified\":\"2023-09-24T13:03:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/09\/a-83.png?fit=998%2C660","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552690"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=552690"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/552690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/552697"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=552690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=552690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=552690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}