Coinbase’s Layer 2 network – Base – has been dominating the L2 landscape. March has been particularly lucrative for the scaling solution gaining significant traction as a result of increased meme coin frenzy as well as airdrops in recent weeks.
With approximately 890,000 daily active addresses, Base has yet again taken the lead, indicating a significant user base engagement, according to IntoTheBlock.
‘Base Spring’
The on-chain intelligence platform also found that Base’s transaction volume has surged past an impressive $1.6 billion mark, towering nearly threefold over Optimism’s figures. The network’s processing power echoed a similar bullish trend, having handled 2.63 million transactions on April 2nd alone.
With such metrics in play, ITB speculated that it could be “Base Spring.”
“Base is dominating the L2 landscape! Base is leading in terms of daily active addresses, with ~890k. Base’s transaction volume surpassed $1.6B, nearly 3x as much as Optimism’s. The network processed 2.63M transactions on April second. Is it safe to say it’s Base Spring?”
It is important to note that the latest milestone comes a week after Base hit $3 billion in Total Value Locked (TVL) on March 28th.
Since then, the figure has surged to $3.82 billion as of April 4th, marking over 27% increase in just seven days, as per data compiled by L2Beat. Over the past year alone, Base’s TVL climbed by over 450% from a mere $691 million.
The renewed network activity can also be attributed to the Dencun upgrade that was activated in mid-March, which substantially slashed transaction fees, making these Layer 2s a more economical choice for Ethereum transactions.
Meme Coin Mania on Base
Meme coins are highly speculative tokens that have attracted many investors. However, since most of these tokens are not available on Coinbase, investors are driven to Base. ANIME, presenting itself as focused solely on “art and $anime” without utility, and DEGEN, referencing traders embracing high-risk tokens, are prominent examples, according to a recent report by Bloomberg.
Moreover, wallets contributing the highest Base transaction fees were found to be trading bots capitalizing on meme coin trading opportunities.
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