The highly anticipated Ethereum layer 2 blockchain, Base, developed by Coinbase, kicked off its journey with a substantial influx of funds. Within just 24 hours of its launch, over $10 million poured into the network, according to Dune Analytics. This strong start is a positive sign for Base and indicates high investor confidence in its potential.
Thursday saw over 15,000 new users joining Base, demonstrating the growing interest and adoption of this new blockchain platform. Despite this surge in user numbers, the transaction count on Thursday was 40% lower than on the previous day, suggesting that users were still exploring and familiarizing themselves with the network.
Base has garnered attention from traders with the launch of various meme coins, including the contentious BALD token. This meme coin attracted a considerable number of traders eager to capitalize on the decentralized exchange (DEX) trading frenzy. However, BALD faced accusations of being a scam when the token deployer suddenly withdrew most of the liquidity from DEX liquidity pools. This incident, commonly referred to as a rugpull, raised concerns about the risks associated with meme coins and the need for caution in the crypto space.
The strength of Base lies in its openness to developers and the creation of a thriving decentralized application (dApp) ecosystem. Over 100 operational dApps are already running on Base, as confirmed by Jesse Pollak, who oversees Base on behalf of Coinbase. This robust ecosystem highlights the potential for innovation and growth within the Base network.
Data from Dune Analytics reveals that the majority of Base users transferred funds ranging from $500 to $1,000 to the network. However, the standout transaction came from a whale who transferred an impressive $17 million worth of crypto via a bridge. This diversity in investment amounts indicates that Base caters to a wide range of users, from retail investors to high-net-worth individuals.
To further boost activity and engagement on Base, Coinbase has incentivized users to bridge their Ethereum (ETH) assets to the new network. In return, they offer free non-fungible tokens (NFTs). The strategy seems to have paid off, as on-chain data shows that more than 125,000 users have already minted over 30 million free NFTs on Base. This initiative not only encourages users to explore the capabilities of Base but also creates a vibrant and interactive community.
Despite some controversies surrounding meme coins and the associated risks, the launch of Base has undoubtedly generated significant attention and investment. Its solid start, with a considerable influx of funds and a growing user base, sets a promising foundation for its future growth. The openness of the platform to developers and the creation of a thriving dApp ecosystem further reinforces Base’s potential as a key player in the Ethereum blockchain space. As Base continues to evolve and attract more projects and users, it will be interesting to see how it contributes to the broader crypto landscape.