Base's Total Value Locked Surges, Emerging as Potential New Memecoin Hub
Summary:
The Ethereum layer-2 network, Base, has seen its total value locked (TVL) double in less than a month, reaching $2.13 billion. As notable increases in memecoin market caps are observed, industry experts anticipate Base could become the next hub for memecoin trading. Base's surge is attributed to the hefty sums locked into tokens like USD Coin and Ether. Influential actors in the cryptocurrency space hint that Base's growing popularity could divert some of the memecoin market share from Solana. This development comes as Coinbase plans to introduce a native smart contract wallet on Base.
In less than a month, the total value locked (TVL) in the Ethereum layer-2 network, Base, has surged to $2.13 billion, a doubling that has led some observers to speculate that it could become the next hot spot for memecoins. It crossed the $1 billion TVL mark 226 days after its August launch, on February 27, and then exceeded $2 billion only 25 days later, on March 23 per L2 Beat data.
USDC (USD Coin) remains the largest token with a natively minted value of $600 million, while Ethere (ETH) holds the highest canonically bridged value at $798 million. There's a growing industry consensus suggesting memecoins may spark the next big wave of adoption on Base, potentially diverting some memecoin market share away from Solana.
A user with the handle Dami-Defi, who has 62,100 followers, posted on March 24 that, "Solana had a crazy #memecoin season, with thousands of millionaires created overnight. Now, the focus is shifting to another chain- #BASE."
In the Base memecoins universe, Degen (DEGEN) and Base God (TYBG) are prominent, boasting market caps of $143.4 million and $65.9 million respectively, according to CoinGecko data. However, these numbers are dwarfed when contrasted with recently popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
The Solana memecoin frenzy was led by Dogwifhat (WIF) which has reached a market cap of $2.7 billion since its early December launch. Other price movers like Book of Memes (BOME) and Slerf (SLERF) have also reached market caps of $2.7 billion following their recent Solana launches. Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT) are other popular Base memecoins being actively traded.
Andrew Forte, director of business development at blockchain solutions firm Dappd, is particularly optimistic about Base because its creator, Coinbase, is developing a native smart contract wallet. When launched, it will let its 100 million registered users trade on Base without needing to memorize seed phrases or private keys.
Wizard of SoHo, a user with 97,000 followers, suggested multiple billion-dollar memecoins on Base would get an easy listing on Coinbase and reach its vast user base. They cautioned that neglecting Base at this moment would be a mistake.
Base hit a milestone of 2 million daily transactions on March 16, post its Dencun upgrade on Ethereum.
Published At
3/25/2024 4:39:23 AM
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