As a researcher who has been closely following the crypto space since its early days, I must admit that the growth of Base has truly caught my attention. Having witnessed the rise and fall of countless projects, it’s rare to see such exponential growth in such a short span, especially when we’re talking about daily transactions skyrocketing by 1,600% in less than a year!
Since its launch on August 9, 2023, the Ethereum Layer 2 project, which was nurtured by Coinbase, has seen remarkable expansion.
As per Delphi Digital’s recent report published with CryptoPotato, daily transactions on Base experienced an astounding 1600% increase in 2024. This surge took the number of transactions from 372,000 at the beginning of January to more than 6.63 million in October. This impressive growth places Base among top performers when considering important metrics like total value locked (TVL), active users, and transaction activity. Notably, Base has outpaced the broader on-chain economy’s growth rate in these areas.
Surge in Base’s Adoption
In January 2024, Base’s Total Value Locked (TVL) was $439 million. By October, this figure had grown impressively to $2.51 billion, marking a massive 470% increase. Additionally, Base’s share of the global on-chain TVL also saw a substantial rise, going from 1.07% to 3.59%.
As a researcher, I’ve been observing that Base’s on-chain activity surge is primarily driven by an increase in active addresses and stablecoin usage. However, it’s interesting to note that despite this activity, its Total Value Locked (TVL) remains relatively lower compared to larger networks. This suggests a unique emphasis on non-monetary applications within the network. Notably, the surge in usage can be attributed to the growing popularity of Aerodrome, which currently holds over 40% of the network’s total TVL.
Over the past nine months, the number of active addresses on Base has skyrocketed. It started at 300,000 in January and reached an astounding 6.61 million by the end of October. This represents a staggering increase of approximately 2,100%.
The growth in this increase has noticeably increased Base’s proportion of all weekly active on-chain addresses, climbing from 1.6% to 11%. Moreover, the number of new daily active addresses on Base experienced an astounding 5,300% jump, rising from 8,320 in January to a whopping 450,000 by October. Consequently, the market share of new daily active addresses for this Layer 2 network has expanded from 1.2% to a substantial 6.5%.
Over the course of ten months, from January through October, I’ve observed a staggering surge in daily transactions for our platform, Base, rising from 2.1 million to an astounding 42.34 million. This growth represents more than a 1,900% increase, demonstrating the massive momentum we’re experiencing. This expansion has significantly boosted Base’s market share in daily transaction volume from a mere 0.67% to a robust 9%. Delphi Digital, a renowned industry analyst, attributes this growth not just to our platform’s increasing adoption and affordability, but also to its resilience and capacity to prosper alongside the success of other networks, such as those within the Superchain framework.
Base’s Stablecoin Adoption
The base platform has experienced a substantial surge in the usage of stablecoins. By November 11, the weekly cumulative volume of stablecoins had skyrocketed from $620 million in January to an astounding $55 billion, marking an incredible increase of over 8,800%. This rapid growth has boosted the Layer 2 network’s market share for stablecoins from a mere 0.7% at the start of the year to a significant 18% by November.
The rise in the amount of transactions using Base’s stablecoin suggests that Base is making an effort to expand its network capabilities and reduce expenses. This places Base in a strong position for handling large-scale payment transfers between consumers and businesses, using stablecoins as a common method of exchange.
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2024-12-01 18:48