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Base TVL Surges 900% In 2 Weeks, What’s Driving The Growth?
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Base TVL Surges 900% In 2 Weeks, What’s Driving The Growth?

Best Owie
Best Owie
1 year ago
3 mins read
Base

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Base, the Ethereum Layer 2 rollup developed by crypto exchange Coinbase, is already making a name for itself in the market. The blockchain’s Total Value Locked (TVL) has been on a rapid rise over the last few weeks, rising triple-digits in just the last two weeks alone. So the question now is, what’s driving the TVL growth?

Meme Coins, Rugs, And Newcomers

Unlike other Layer 2 networks, Base seemed to have gotten its big break with the growing trend of meme coins being launched on the network. The most notable of these was the BALD meme coin which went from less than $100,000 in market cap to over $50 million in a matter of days. As the popularity of BALD ramped up, so did the popularity of Base and decentralized finance (DeFi) traders clamored to bridge to the blockchain.

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The rug deployer rugged the project not long after, making off with over $9 million in liquidity. Following this, there were speculations of former FTX CEO and founder Sam Bankman-Fried Nverbeing the mastermind behind BALD, although nothing came from these accusations.

However, instead of the blockchain’s first big project rugging being a deterrent, it seems to have had the opposite effect. More developers have moved to launch their projects on the blockchain seeing the potential. This includes the likes of SushiSwap, Uniswap, and Compound, among others, which have all provided support for the Base network.

New projects such as Alien Base, SwapBased, and Krav have also been gaining ground with their TVL growing rapidly during this time as well. So for Base, it has been able to turn a negative situation into a positive one.

Base Joining The Layer 2 Blockchain Race

In the last two weeks, the Base TVL has grown from $13 million to more than $130 million, data from DefiLlama shows. This represents an almost 900% increase in TVL during this time, making it the fastest-growing Ethereum Layer 2 blockchain in terms of TVL.

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Base’s rapid growth has already put it in the race with other Layer 2s. However, when put in comparison against other established Layer 2 networks, Base still has a long way to go. It is currently the 5th-largest Layer 2 in terms of TVL, lagging well behind the likes of Arbitrum, Polygon, and Avalanche.

Nevertheless, Base’s bull case continues to grow with over $203 million already bridged to the blockchain and daily active users sitting above 100,000 over the last four days. Given Coinbase’s backing and Base’s growing popularity, it may not be long until it becomes one of the most prominent Layer 2 blockchains in the space.

DeFi/Ethereum market cap ration chart from Tradingview.com (Base)

DeFi makes up 19.14% of the Ethereum market cap | Source: Market Cap DeFi/Ethereum on Tradingview.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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