{"id":269905,"date":"2024-03-22T21:08:17","date_gmt":"2024-03-22T15:38:17","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=269905"},"modified":"2024-03-22T21:08:17","modified_gmt":"2024-03-22T15:38:17","slug":"base-activity-soars-as-tvl-crosses-900-million-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/base-activity-soars-as-tvl-crosses-900-million-crypto-news\/","title":{"rendered":"Base Activity Soars As TVL Crosses $900 Million – Crypto News"},"content":{"rendered":"

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Trading volumes hit an all-time high of $394 million on March 19 as memecoin traders descended on Coinbase\u2019s Layer 2 network.<\/p>\n

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Activity on Base, the Ethereum Layer 2 network developed by Coinbase, has surged since March 14, with the blockchain processing more than one million transactions per day for the last week.<\/p>\n

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Base Daily Transactions<\/figcaption><\/figure>\n

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The spike in activity is probably due to memecoin traders and bots, according to Michael Silberling, a data analyst at Optimism Labs.<\/p>\n

\u201cBase saw a rush of activity from transactors that were ~seemingly not fee sensitive,\u201d he wrote<\/a> on X. \u201cThe rush seems to be from more automated actors, targeting memecoins \/ likely arbitrage.\u201d<\/p>\n

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Because memecoin traders are less cost-sensitive than most users, this led to an increase in base fees.<\/p>\n

The spike in activity followed the mainnet deployment of Ethereum\u2019s Dencun upgrade, which went live on March 13 and drastically reduced transaction costs on Layer 2s<\/a>. Still, because of the increased activity, Base also had a spike<\/a> in transaction costs in spite of the Dencun upgrade\u2019s overall reduction.<\/p>\n

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L2 Transaction Fees <\/figcaption><\/figure>\n

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Meanwhile, the total value locked (TVL) on Base has nearly doubled in the past month to $900 million as of March 20, according to DeFiLlama. The increase is mainly attributable to Aerodrome, the leading decentralized exchange on the network, whose TVL is up 180% to $340 million in that span after securing an investment<\/a> from the Base Ecosystem Fund, led by Coinbase Ventures.<\/p>\n

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\"Base
Base TVL and Volume<\/figcaption><\/figure>\n

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DEX trading volumes are also on the rise, hitting a record $394 million on March 19. Data from DexScreener<\/a> shows that most of the activity is being driven by memecoins like DEGEN and NORMIE.<\/p>\n

Prominent NFT artist XCopy released an open edition called \u2018Mutatio<\/a>\u2019 on March 19. It was minted more than one million times, making it the biggest driver of activity over the 24 hours it was open.<\/p>\n

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