Base, a recently launched Ethereum layer 2 blockchain developed by Coinbase, experienced an impressive influx of over $10 million on its first day. With 15,000 new users joining within the first 24 hours, the network has shown great potential. Although the daily transaction volume decreased by 40% the following day, the launch of Base has sparked interest in the crypto community, paving the way for new projects and tokens.
Among the tokens launching on Base, meme coins like BALD have garnered considerable attention. These controversial coins have attracted traders who seek to capitalize on the decentralized exchange (DEX) trading frenzy. Unfortunately, BALD has been embroiled in controversy, with accusations of being a scam due to the sudden removal of liquidity from DEX liquidity pools. This incident, described as a rugpull, has raised concerns about the stability and trustworthiness of meme coins.
Despite the controversy surrounding meme coins, Base has already established a thriving ecosystem. Over 100 operational decentralized applications (dApps) are currently running on the network, offering users a diverse range of services and functionalities. This rapid adoption of dApps highlights the potential of Base and its ability to attract developers and users alike.
Data from Dune Analytics reveals that the majority of Base users transferred between $500 and $1,000 to the network. While this demonstrates a cautious approach from users, it also indicates growing confidence in the network. Additionally, a significant whale made a staggering transaction of $17 million via a bridge, showcasing the willingness of some investors to fully embrace Base.
Coinbase has actively encouraged users to bridge their ETH to the new network. Incentivizing this migration, they have promised free non-fungible tokens (NFTs) in return. This strategic move aims to stimulate activity and engagement within the Base network. Thus far, the on-chain data reveals that more than 125,000 users have minted over 30 million free NFTs on Base, indicating a strong uptake in the incentive program.
The launch of Base has marked a significant milestone in the development of Ethereum layer 2 blockchains. With an impressive inflow of $10 million and a growing user base, Base has quickly emerged as a promising platform for new projects and tokens. Despite concerns raised by meme coins, the network’s thriving ecosystem of dApps reflects its potential for sustained growth. As Coinbase continues to actively support and incentivize the migration to Base, it is poised to make a lasting impact on the crypto community.
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