Base, the layer-2 blockchain network launched by Coinbase, is doing well in the decentralized finance and non-fungible token industries.
According to DeFi Llama, Base has become the largest layer-2 network in crypto. It has 410 dApps in the decentralized finance sector. Some of the largest DeFi ecosystem players include Aerodrome, Uniswap, and Morpho Blue. and Moonwell.
Morpho, a rival to AAVE, will likely continue to grow after Coinbase announced it will offer Bitcoin-backed lending on its platform.
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Base’s DEX networks continue to dominate the Layer-2 industry in terms of volume. Protocols in the ecosystem have handled transactions worth $264 billion since its inception. This volume has increased to $12.2 billion over the past seven days.
This growth is likely due to the growing ecosystem of Base meme coins, which is now valued at over $2.6 billion. The biggest meme coins in the network are Brett, Akuma Inu, Toshi and Degen.
Base has also become the largest Layer-2 network in the NFT space. NFT sales rose 45% to $8.3 million over the past seven days, while the number of buyers rose 128% to more than 15,000. Cumulative NFT sales rose to more than $62 million.
Further data from DappRadar shows that Base has handled almost 40 million transactions in the last 30 days.
Arbitrum (ARB) and Polygon (POL) handled 6.21 million and 29.3 million respectively. Base had 15 million unique active wallets, while the other two had 1.12 million and 3.69 million respectively. Base is also expanding its presence in the artificial intelligence and gaming industries.
These numbers mean that Base would likely receive a significant appreciation if Coinbase decided to launch an airdrop. It would likely be bigger than Arbitrum, which has a market cap of $3.2 billion and a fully diluted valuation of $7.5 billion.
Optimism, another popular layer 2 network, has a market cap of $2.47 billion and an FDV of $7.85 billion. Therefore, Base would have at least an FDV of $7 billion.
There are signs that Coinbase will launch the Base airdrop in 2025. The 2025 roadmap included a chapter on decentralization. That could be a sign that Coinbase is considering letting community members participate in decision-making.
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