With 2024 marking Bitcoin's 15th anniversary, we are at a similar stage to the 1990s, and like the internet, improvements in blockchain performance are pushing cryptocurrencies between early adoption and mainstream acceptance. exceeds.
We believe that the critical next step to enrolling the next billion users will depend on blockchain's ability to attract and retain users. So far: Base, the Ethereum Layer 2 developed by Coinbase, has seen impressive growth this year and emerged as a top contender.
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Source: Token Terminal, April 2024
What drives Base's success?
Base does not have its own token, but uses ETH for gas, OP for governance, and AEVO, the largest DEX token on Base, serves as an incentive token for the Base ecosystem . voting escrow mechanism. Base Ecosystem Fund Obtaining AERO Incentivize projects to lock AERO to facilitate liquidity.
While several established DeFi projects have been deployed on Base, native projects on Base have gained significant market share. airfieldBase’s largest DEX by TVL, recently generated almost the same amount of fees as Uniswap, a remarkable achievement considering Uniswap is deployed on 16 chains.
Source: Token Terminal, April 2024
moonwellBase's main lending and borrowing protocol, TVL This is roughly equal to AAVE and Compound on Base combined, which has seen a 4x increase in users since the beginning of the year.through USDC Anywhere ProgramMoonwell can utilize USDC stored on supported chains. circlein addition to USDC Stored on Coinbase.
Source: Gauntlet, April 2024
Degeninitially a meme token but now utilized by Farcaster as the de facto in-app currency, has seen a 5x increase in users in less than a month, a growth set by BONK, the famous Solana meme coin. It exceeds the record.
Source: Dune Analytics, April 2024
With the support of Coinbase and the rapid development of its ecosystem and community, Base is poised to be a pioneer in bringing blockchain technology closer to mainstream adoption.
