Is Base the new favorite of Meme lovers? Looking at Base network trends from data

Coinbase’s Layer2 network Base, with the strong support of hundreds of millions of users of Coinbase, an industry giant, and the support of crypto OG, has attracted widespread attention from the market after significantly reducing transaction fees after integrating EIP -4884. At the same time, with the increasing sentiment of Solana Meme, Base has also attracted much attention in recent days, showing strong market potential and development prospects.

The current gas fee of a few tenths of a dollar on Base has been reduced by 90% compared to before the Cancun upgrade, which undoubtedly provides users with a more cost-effective trading experience. In addition, Base’s compatibility with Ethereum allows it to seamlessly connect with Ethereum’s huge infrastructure and user base, creating an ideal hype environment for Meme enthusiasts. This also allows Base to stand out in the market and prepare for favored. Some community users believe that Solana is close to saturation, so they transfer funds to Base. This article will take a look at the users, TVL, transaction popularity and changing trends of the Base network from a data perspective.

User volume: surged in the middle of this month, and the number of new users in a single day reached more than 630,000 on March 16

The number of users is one of the important indicators to measure the popularity and adoption of a network . From the perspective of user scale, after the Base network was launched on the main network, it gradually accumulated a large number of active users relying on Coinbase's huge user base.

According to Base Scan data, there are more than 68 million independent wallets on the Base chain. In addition, according to Base browser data released by DexGuru, at least 4.78 million addresses have had a transaction on the Base chain, and the number of active addresses within 24 hours is close to 200,000. The above data reflects the performance of the Base chain in terms of user number and activity. The changing trends of these data can be clearly observed through related charts.

Base total user growth trend, source: Dune

is particularly worthy It should be mentioned that the number of Base network users showed a surge in the middle of this month. Among them, the number of new users in a single day on March 16 reached more than 630,000. The number of Base transactions that day hit a record high, reaching 2.11 million. The possible reasons are that the popularity of Meme in the Solana ecosystem has overflowed, multiple Meme tokens in the Base ecosystem have surged, Uniswap NFT product manager Scott ordered Meme tokens Over that day, and the handling fee after Base integrated EIP -4844 (March 14) A sharp decline and the launch of Drakula, a short video social application on Base (launched on March 14).

Base New User, Source: Dune

Base Active User Also There has been a very significant increase this month.

## Base New User, Source: Dune

Total TVL: If calculated based on ETH, the total TVL of the Base ecosystem has increased by 50% in the past 10 days

In terms of total lock-in volume, according to L2 BEAT data, currently, the total TVL of the Base ecosystem (including all The value of cross-chain tokens and native tokens) is currently US$1.4 billion, ranking fifth among all L2s. The top four L2s are Arbitrum (US$15.69 billion), OP Mainnet (US$7.34 billion), and Blast (US$2.27 billion). ), Manta Pacific ($1.82 billion).

The following two pictures are the total TVL of the Base ecosystem calculated in US dollars and ETH respectively. It can be seen that Base TVL has been increasing rapidly from the launch of the mainnet in June last year to September, and then until this year In the first ten days of the month, there was no significant improvement in ETH-based calculations. However, starting from the middle to the first half of this month, TVL surged from 291,000 ETH to the current 434,000 ETH. In the past 10 days, the TVL based on ETH-based calculations has increased by more than 50%. TVL in US dollar terms increased by 22% during the same period.

Change trend of Base ecological total TVL in US dollars, source: L2BEAT

Change trend of Base ecological total TVL calculated based on ETH, source: L2BEAT

In the past 7 days, among the top 10 L2s ranked by TVL, only Base recorded a net growth in TVL in terms of US dollars, with an increase of 5.56%. The rest all experienced negative growth, except for Arbitrum (-5.27%) and dYdX v3 (- Except for 4.15%), the 7-day TVL decline of other L2s was between 20% and 30%. During the same period, Ethereum fell by 20%, which shows the popularity of Base in recent days.

In fact, from the beginning of the year to mid-February, the overall assets on Base were still in a state of net outflow. The net cross-chain inflow of assets began to gradually increase in late February.

The cross-chain inflow and outflow of assets on Base, source: Dune

# #According to data from DefiLlama, the Base ecological DeFi TVL is currently US$680 million, which is roughly the same trend as the total TVL calculated in US dollars as above.

Base ecological DeFi TVL changing trend, source: DefiLlama

Transaction Number of transactions: More than 1.1 million transactions in a single day in the last week

Judging from the number of transactions, the performance of the Base network is equally impressive, and the popularity of transactions has basically risen to the peak in September last year. On March 16, the number of transactions on Base on the previous day hit a record high, reaching 2.11 million. The number of single-day transactions in the past week also exceeded 1.1 million.

Base daily transaction number change trend, source: Dune

Transaction popularity: US$443 million in transactions in 24 hours, with the popularity concentrated on Meme tokens and DEGEN

As funds flow into the Base ecosystem, the transaction volume on Base is also increasing rapidly. According to DEX Screener data, the transaction volume in the past 24 hours reached 443 million US dollars, and the popularity was concentrated on the Meme token and the Farcaster ecological token DEGEN.

Popular tokens in the Base ecosystem ranked by trading volume, source: DEX Screener

To sum up, from a data perspective, the Base network has maintained steady growth in terms of user size, transaction volume and activity, TVL, etc., and has shown a steep upward curve growth in the past half month. As for Base’s network progress in DeFi, although it may appear to be quite satisfactory at the moment, this does not mean that there is no potential or opportunity for development. We will wait and see whether Base can rely on the popularity of Meme to bring new opportunities to the entire network and continue to maintain strong growth momentum.

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