Base becomes the new favorite of meme enthusiasts? Analyzing the trend of the Base network from the data

Author: Karen, Foresight News

Coinbase's Layer2 network Base has attracted widespread attention in the market, thanks to the strong support from Coinbase, an industry giant with millions of users, and backing from crypto OGs. After integrating EIP-4884, which significantly reduced transaction fees, Base has gained traction. Meanwhile, with the rising sentiment around Solana memes, Base has also been in the spotlight in recent days, showcasing strong market potential and development prospects.

Currently, the Gas fees on Base are just a few cents, representing a 90% reduction compared to before the Cancun upgrade, undoubtedly providing users with a more cost-effective trading experience. Additionally, Base's compatibility with Ethereum allows it to seamlessly connect with Ethereum's vast infrastructure and user base, creating an ideal environment for meme enthusiasts to speculate, which has helped Base stand out in the market and gain favor. Some community users believe that Solana is nearing saturation, thus shifting their funds to Base. This article will take a data-driven look at the user base, TVL, trading activity, and trends of the Base network.

User Count: Surge in Mid-March, with New Users Exceeding 630,000 on March 16

The user count is one of the best indicators of a network's popularity and adoption. In terms of user scale, the Base network has gradually accumulated a large number of active users since its mainnet launch, relying on Coinbase's vast user base.

According to Base Scan data, there are currently over 68 million unique wallets on Base, and according to DexGuru's Base Explorer, the number of addresses that have made at least one transaction on the Base chain exceeds 4.78 million, with nearly 200,000 active addresses in the last 24 hours. The trend of this data can be observed in the following chart.

Base total user growth trend, source: Dune

It is particularly noteworthy that the user count on the Base network showed a significant surge in mid-March. On March 16, the number of new users in a single day exceeded 630,000. On that day, the number of transactions on Base also set a new historical high, reaching 2.11 million. Possible reasons include the spillover of meme enthusiasm from the Solana ecosystem, the significant rise of several meme tokens in the Base ecosystem, and Scott, the head of Uniswap's NFT product, promoting the meme token Over on that day, along with the substantial decrease in fees after Base integrated EIP-4844 (on March 14) and the launch of the short video social application Drakula on March 14.

Base new users, source: Dune

Active users on Base also showed a very noticeable growth this month.

Base new users, source: Dune

Total TVL: Base Ecosystem's Total TVL Increased by 50% in the Last 10 Days When Calculated in ETH

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

The following two charts show the total TVL of the Base ecosystem calculated in both USD and ETH. It can be seen that the Base TVL has been rapidly increasing since the mainnet launch in June last year until September, and then it did not show a significant increase in ETH terms until early this month. However, starting from mid-March, the TVL surged from 291,000 ETH to the current 434,000 ETH, with an increase of over 50% in ETH terms in the past 10 days, while the TVL calculated in USD increased by 22% during the same period.

Base ecosystem total TVL change trend in USD, source: L2BEAT

Base ecosystem total TVL change trend in ETH, source: L2BEAT

In the past 7 days, among the top 10 L2s ranked by TVL, only Base recorded a net increase in TVL when calculated in USD, with an increase of 5.56%. The others all experienced negative growth, with Arbitrum (-5.27%) and dYdX v3 (-4.15%) being exceptions, while the TVL of other L2s dropped between 20% and 30%. During the same period, Ethereum's drop reached 20%, indicating the high level of interest in Base in recent days.

In fact, from the beginning of the year to mid-February, the assets on Base were still in a net outflow state, and it was only in late February that cross-chain net inflows began to gradually increase.

Cross-chain asset inflow and outflow on Base, source: Dune

According to data from DefiLlama, the current DeFi TVL of the Base ecosystem is $680 million, showing a similar trend to the total TVL calculated in USD above.

Base ecosystem DeFi TVL change trend, source: DefiLlama

Transaction Volume: Over 1.1 Million Transactions Per Day in the Last Week

In terms of transaction volume, the performance of the Base network is also impressive, with trading activity having essentially risen to the peak levels seen in September last year. On March 16, the daily transaction volume on Base set a new historical high, reaching 2.11 million transactions, with daily transaction counts exceeding 1.1 million in the last week.

Base daily transaction volume change trend, source: Dune

Trading Activity: $443 Million in 24-Hour Trading Volume, Focused on Meme Tokens and DEGEN

As funds flow into the Base ecosystem, the trading volume on Base has also been rapidly increasing. According to DEX Screener data, the trading volume in the past 24 hours reached $443 million, with the focus on meme tokens and the Farcaster ecosystem token DEGEN.

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

In summary, from a data perspective, the Base network is steadily growing in user scale, transaction volume, activity, and TVL, with a steep upward trend in the past half month. As for Base's progress in DeFi, while it may currently seem conventional, it does not mean there is a lack of potential or opportunity for development. Whether Base can leverage the meme enthusiasm to bring new opportunities to the entire network and continue to maintain strong growth momentum remains to be seen.