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Base Chain Ecosystem Analysis: How TVL-Leading Layer 2 Projects Are Rising
Base Chain: Analysis of the Layer 2 Star Project Ecosystem with the Highest TVL
In 2023, the Base chain incubated by Coinbase has developed rapidly and has now become the top-ranked Layer 2 project by TVL. Base adopts the OP Stack technology stack from Optimism and aims to become an important part of the Optimism superchain.
Overview of Base Chain
Base is a Layer 2 solution built on the OP Stack development tool based on Optimism, utilizing Optimistic Rollups technology. This technology is compatible with Ethereum and suitable for executing complex smart contract computations. Base plans to enhance decentralization through the open-source architecture of OP Stack, introducing multiple sorting nodes to reduce reliance on a single service.
As the second core development team, Base has joined the development of the OP Stack and Superchain, aiming to enhance the activity of the superchain and promote the growth of the developer ecosystem. Base's goal is to create a highly integrated chain network that provides users with a seamless experience, allowing protocols on Base to smoothly integrate into the superchain.
Base Chain Data Analysis
TVL
The TVL of Base has significantly increased since September, rising from $1.419 billion to $2.388 billion, an increase of 68.28%. This growth rate ranks first among all ETH Layer 2s.
On-chain address count
After August, the number of addresses on the Base chain surged from 24.55 million to 74.88 million, an increase of 205.01%. This indicates that users are optimistic about the development prospects of Base, and there has been a certain wealth creation effect on the chain.
On-chain income
Base chain revenue grew from 19.78 million USD in March to 76.55 million USD in October, a total increase of 287%, with an average monthly increase of 41%. With the increase in users and activities, Base revenue continues to grow rapidly.
weekly trading volume
Since May, Base's weekly trading volume has increased from 13.45 million to 47.06 million, a total increase of 249%, with a monthly average increase of 49%. The trading volume shows a rapid and sustained growth trend.
On-chain performance
Base's TPS reached 66.28, surpassing other chains, making it one of the best-performing projects in the Ethereum ecosystem.
Weekly Active Addresses
The number of active users on the Base chain has continued to grow, which is an important indicator for assessing the healthy development of public chains.
In summary, the Base ecosystem is in a vigorous development stage. In terms of the two key indicators of funds and traffic, Base performs the best among ETH-Layer2. TVL, trading volume, and chain revenue all show rapid growth, with a monthly average growth rate exceeding 40%. The number of users and activity is also continuously rising. With excellent on-chain performance, Base is expected to achieve significant development in the Layer 2 track.
Circle's Support for Base
The number of stablecoins on the Base chain has grown rapidly since March, increasing from $319 million to $3.771 billion, with a total increase of 1082.13% and an average monthly increase of 216.42%. Among them, the growth of USDC is particularly notable, reflecting a large influx of funds from American users.
In September 2023, Circle announced support for the Base chain, natively issuing USDC on it. This simplified the operational process and improved efficiency. Circle also developed the CCTP cross-chain tool, enabling native burning and minting of USDC on Base.
Coinbase collaborates with Stripe to bring USDC to the Base platform, enabling faster and lower-cost cross-border transfers and conversions from fiat to cryptocurrency. Key initiatives include:
These collaborations have greatly enhanced the application scenarios of USDC in the Base ecosystem. As of October 2024, the trading volume of USDC on DEX in the Base chain has exceeded 20 billion USD. The number of USDC holders is also on the rise, indicating that its popularity on the Base chain is continuously increasing.
Base Ecosystem Project Analysis
The Base ecosystem encompasses multiple fields including Wallet, Bridge, DeFi, Gaming, DAO, Infrastructure, Social, Security, and NFT, with a total of 323 Dapps. Focused analysis on the three tracks of DeFi, Meme coins, and SocialFi.
DeFi track
Major projects with TVL exceeding 200 million USD include:
Aerodrome: The first DEX on the Base chain, using the Ve(3,3) model. 90% of veAERO is locked, providing strong incentives and governance mechanisms for the ecosystem.
Morpho Blue: A decentralized lending protocol that employs permissionless risk management and market creation mechanisms.
Extra Finance: Provides financial tools such as leveraged lending, leveraged farming strategies, etc.
Meme Coin Track
Meme coin projects have become an important force in driving user participation in the Base chain, such as TYBG, Degen, and Brett. These projects attract a large amount of traffic in a short period, even enticing Meme projects on the Ethereum mainnet to migrate to Base.
SocialFi track
friend.tech: Allows users to monetize social value by purchasing Twitter user keys.
Farcaster: A decentralized social network protocol that utilizes hybrid storage technology and Frames plugins to provide a user experience close to Web 2.0. Its ecological project Warpcast combines elements of Twitter and Reddit, operating within a decentralized framework.
Coinbase's Innovation on Base: AI Agents
Coinbase has launched the Based Agents service, allowing users to quickly create AI agents on the Base chain. These agents have cryptocurrency wallets and can perform transactions, transfers, and other operations.
Virtuals Protocol is one of the most popular AI agent products on the Base chain. It is an AI launch platform focused on creating, deploying, and monetizing AI agents. Through the Pump.fun model, it transforms AI agents into income-generating assets.
Summary
Base, launched by Coinbase as a Layer 2 network, is built on the Optimism OP Stack and is developing rapidly. It has performed excellently in metrics such as TVL, user growth, and trading volume, surpassing several established Layer 2 projects. Its ecosystem covers popular sectors like DeFi, Meme coins, and SocialFi, with 323 Dapps.
The collaboration between Base and Circle, supported by native USDC and the CCTP cross-chain protocol, has significantly improved user experience and cross-border payment efficiency. At the same time, Base is actively exploring the integration of AI and blockchain, such as the Based Agents project.
With the support of Coinbase, innovative technology applications, and a rich variety of ecological projects, Base has become one of the most promising Layer 2 solutions in the Ethereum ecosystem, providing strong infrastructure support for decentralized finance and Web3 development.