<\/p>\n
The Ethereum<\/a> layer-2 network, Base, has witnessed a remarkable surge in assets locked, soaring by approximately 200% over the last month to over $3 billion, according to L2beat data<\/a>.<\/p>\n Key contributor Jesse Pollak disclosed<\/a> that Base hit the $3 billion milestone five days after crossing the $2 billion threshold. Notably, the network took 203 days to reach its first billion mark and just 23 days to touch $2 billion.<\/p>\n Furthermore, on-chain data shows that the increased TVL is matched with an ever-expanding user base. According to the Dune analytics dashboard<\/a> curated by Watermeloncrypto, Base\u2019s daily active users have surpassed 5 million this week, with the network\u2019s total revenue already exceeding $36 million.<\/p>\n Consequently, industry experts foresee Base\u2019s growth catalyzing the entry of more firms into on-chain development. Ryan Watkins, the founder of Syncracy Capital, said<\/a>:<\/p>\n \u201cImagine when Wall Street realizes Coinbase is printing $500M+ in annual revenue from an Ethereum rollup. Base may be the ultimate catalyst that gets enterprises building onchain.\u201d<\/p>\n<\/blockquote>\n The network\u2019s exponential growth<\/a> can be attributed to various factors, including the notable surge in meme coin activities and the advent of innovative products<\/a>.<\/p>\n There has been a notable surge in memecoins traction<\/a> on Base recently. Consequently, Base has experienced heightened liquidity and more favorable market sentiment as industry analysts speculated that the assets could spearhead the next adoption phase.<\/p>\n Notably, CryptoSlate<\/em> reported<\/a> that Base\u2019s memecoins proliferation briefly spiked its network fees above that of rival layer-2 networks despite the introduction of the Dencun upgrade<\/a>. To manage this surge, the network adjusted its gas fee target to 3.75 mgas\/s, which gave it 50% more capacity.<\/p>\n Moreover, Base has witnessed a surge in crypto developers creating new products on the layer-2 solution, further fostering adoption and usage.<\/p>\n For context, Base recently welcomed one of the pioneer layer-3 networks, Degen, to its ecosystem on March 28. It said<\/a>:<\/p>\n \u201cL3s are appchains which deliver lightning-fast transactions because they settle on L2s like Base instead of connecting directly to Ethereum. A new onchain internet demands new models for scaling, and L3s utilize the power of L2s in new ways.\u201d<\/p>\n<\/blockquote>\n Andrew Forte, the director of business development at Dappd, also highlighted<\/a> Coinbase\u2019s recent efforts to develop a native smart wallet that does not need seed phrases or private keys for the layer-2 solution. According to him, this wallet could help drive Coinbase\u2019s vast user base to Base<\/a>.<\/p>\n\n
Why Base metrics are rising<\/h2>\n
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