![\"decrypting](\"https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2021\/10\/decrypting-defi-2.png@webp\")
<\/span>Whether you like it or not Coinbase<\/a><\/span>\u2019s \u201conchain summer\u201d campaign appears to have been a massive marketing win for the firm.<\/p>\n Or more specifically, for the firm\u2019s buzzy layer-2 solution Base.<\/p>\n Research from\u00a0CoinGecko<\/a> shows that Base was the fastest layer-2 network to hit 1 million addresses, reaching the milestone in just 11 days.<\/p>\n Heavyweights like Arbitrum<\/a> and Optimism took an order of magnitude longer, reaching the million-address figure after 303 days and 191 days, respectively.<\/p>\n Though Base is rallying\u00a0big brands<\/a>\u00a0to launch on the network\u2014including Coca-Cola, Showtime, and Atari\u2014most of the network\u2019s activity revolves around pretty evergreen crypto activities.<\/p>\n From\u00a0meme coins<\/a>\u00a0to Twitter knockoffs, folks are making the leap over to try their hand at run-of-the-mill crypto degeneracy. This summer, tokens like BALD, COIN, and BASED all\u00a0dominated attention<\/a>\u00a0on the network.<\/p>\n After less than a day, for example, BASED had already racked up a market capitalization of $291 million. Before developers behind the project\u00a0rugged liquidity<\/a>, BALD\u2014presumably named after Brian Armstrong\u2019s hairless noggin\u2014rose more than 3,000% on July 31.<\/p>\n Then came\u00a0Friend.tech<\/a>, the tokenized version of Twitter that wooed\u00a0OnlyFans creators<\/a>\u00a0and crypto degenerates alike.<\/p>\n These crypto-native activities are also making serious cash for Base. In cumulative revenue, the network has generated $4.9 million since its launch.<\/p>\n Removing fees for pushing that activity to the Ethereum<\/a><\/span> mainnet, Base is still left with $3.3 million.<\/p>\n With the network launching its mainnet on August 9, just 22 days ago, that\u2019s some serious business. Prior to the\u00a0official\u00a0<\/i>launch, folks had already bridged money over, hence revenues prior to August 9.<\/p>\n For comparison, Arbitrum\u2019s generated $63 million in revenue since its launch (and just $16.5 million in profit). Optimism generated $43 million in revenue and $9.9 million in profit.<\/p>\n \u201cOnchain data reveals a slight declining trend in Base’s weekly percentage profit margin,\u201d a spokesperson for on-chain analyst group\u00a0SeaLaunch<\/a>\u00a0told\u00a0Decrypt<\/i>. \u201cHowever, even over a month post-launch, Base’s profit margin stands strong above 60%\u2014which is significantly higher than other L2 rollups profit margins.\u201d<\/p>\n But so long as the Base memes keep flowing and the gamblers keep gambling, the sky\u2019s the limit for Coinbase\u2019s latest on-chain experiment.<\/p>\n![\"A](\"https:\/\/img.decrypt.co\/insecure\/rs:fit:1536:0:0:0\/plain\/https:\/\/cdn.decrypt.co\/wp-content\/uploads\/2023\/09\/base-cumulative-profits.png@webp\")
<\/span>