Published: January 19, 2025 at 4:06 pm
Updated on January 19, 2025 at 4:06 pm
Base is here! Launched by Coinbase, this Layer-2 network is making waves in the DeFi and NFT sectors. The crypto market is buzzing about it, and I thought I’d share my thoughts.
Base is quickly standing out in the crypto scene. It’s hard to ignore its rapid rise in both the NFT and DeFi spaces. Reportedly, it’s now the largest Layer-2 network in the NFT realm. In the past week, NFT sales surged by 45% to $8.3 million, bringing the cumulative total to over $62 million.
In DeFi, its numbers are also staggering, with 410 decentralized applications (dApps) and a whopping $264 billion in transactions since its inception. That’s an average of $12.2 billion in weekly volume. Total Value Locked (TVL) is now above $2 billion, an increase of 370% since the start of the year. Much of this seems to stem from Aerodrome’s success.
Currently, Arbitrum and Optimism dominate in TVL and market share among Ethereum Layer-2 networks. Arbitrum has over half of the market with a TVL of $10.7 billion. Optimism comes in second with a TVL of $5.5 billion and around 20% market share. Base’s TVL is only $729 million, trailing behind. But the integration with Coinbase and rapid growth in NFT sales and DeFi transactions certainly elevates its profile.
Base utilizes Optimistic Rollups, identical to Arbitrum and Optimism, which means faster transactions and lower fees. The real kicker? Its deep integration with the Coinbase ecosystem, giving it an edge in user accessibility and developer support. Base is home to major DeFi players like Uniswap and Aerodrome, and it embraces gaming and NFTs.
Base is now the largest Layer-2 network for NFTs. This week alone saw a 45% increase in sales, rising to $8.3 million, and a 128% jump in buyers, reaching over 15,000. Cumulative NFT sales have now crossed $62 million. A lot of this seems to stem from the growing base of meme coin projects, now valued at over $2.6 billion.
In the DeFi space, Base’s DEX networks are still dominating the Layer-2 market in terms of volume. Protocols within the ecosystem have handled $264 billion in transactions since launch, with a recent weekly volume of $12.2 billion.
There’s always a chance that interacting with the ecosystem could make you eligible for an airdrop. If a Base token is eventually launched, it might be worth something.
But let’s not kid ourselves. Regulatory uncertainty looms large. No confirmed plans for a Base token exist, which means any airdrop is hypothetical. Plus, the market is notoriously volatile. Engaging with new projects and dApps invites scam risks. And let’s not forget that the tech is still evolving.
Preparing for an airdrop will take time and resources. If nothing materializes, that’s just sunk costs.
The fusion of AI and gaming in Base’s ecosystem could change how we view blockchain applications.
AI can enhance security by analyzing transactions in real-time, while blockchain records transactions transparently.
AI can automate game development, making it more accessible.
Blockchain allows for decentralized economies, with verifiable ownership of digital assets.
AI can generate dynamic storylines and environments, recorded permanently on the blockchain.
DAOs could allow players to help steer the direction of games.
AI could streamline financial processes, potentially offering personalized guidance and real-time analytics.
Base’s rise signifies that Layer-2 solutions are becoming essential in crypto. They’re solving real-world issues like scalability and high fees. The adoption and development of these solutions are set to increase, especially as the demand for more efficient and cost-effective platforms grows.
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