Base’s Locked Asset Volume Surpasses $2 Billion

The total value locked (TVL) in the Layer 2 solution Base has reached $2.29 billion, according to L2BEAT. This figure includes the volume of USDC and several other assets issued on the network, totaling $1.27 billion.

Since its launch, it took 203 days for the TVL to reach $1 billion and an additional 25 days to double that amount.

The canonical TVL of Base, as reported by DeFi Llama, has grown to $887.7 million. This places the L2 network in the 10th position, trailing competitors such as Arbitrum ($3.25 billion), Blast ($1.06 billion), and Optimism ($977.1 million).

The community has speculated on the potential for further growth in Base’s TVL, driven by a wave of meme coins that could divert interest from assets issued on Solana.

We’ve recently witnessed one of the craziest meme season on Solana.

Those who were early and savvy enough have earned thousands or even millions of dollars.

Now, the attention slowly shifts to Base memes, and we can potentially see a crazy run there too. pic.twitter.com/QabqsLX4r4

— Xremlin (@0x_gremlin) March 21, 2024

“Solana had a crazy season. Thanks to meme coins, many earned thousands or even millions. But now the attention is slowly shifting to Base. Potentially, there could be a crazy run there too,” commented user 0x_gremlin.

Among the largest meme coins on Base are Degen (DEGEN) and Base God (TYBG). According to CoinGecko, the market capitalization of the former reached $200.8 million, while the latter stands at $73.4 million. These tokens rank 20th and 29th in their category, respectively. For comparison, the top three—DOGE, SHIB, and PEPE—have a capitalization ranging from $3.2 to $24.7 billion.

The market capitalization of Solana ecosystem leader Dogwifhat (WIF) has grown to $2.8 billion, placing it fourth in the rankings. Following in market positions are Book of Memes (BOME) and Slerf (SLERF), holding the eighth and 13th spots with capitalizations of $749.6 million and $303.1 million, respectively.

User wizardofsoho shared a similar forecast.

Solana is congested. You can’t buy and sell memecoins. Cant even deploy memecoins properly. Everything gets sniped cuz you can’t build anti sniped and anti whale into the contracts ….

Base fixes this. And it’s the path to Coinbase entire community.

I am still super long…

— Wizard Of SoHo (?,?) (@wizardofsoho) March 20, 2024

“Solana is congested. […] Base fixes the problem, and it’s the path to all Coinbase users. […] There will be several meme coins on Base with billion-dollar capitalizations listed on the platform, accessible to all regular exchange clients,” he wrote.

Andrew Forte, Business Development Director at Dappd, highlighted Base’s positive metrics.

Coinbase has 100M registered users

L2 Base is going to be based:

A native smart wallet is being built
(trade on chain without any seed phrase or PW)

$340M volume in 24 hours

277K active addresses in 1 day

2.57M active addresses in 24 days

6.49M active addresses in 30 days pic.twitter.com/DwiMbPQ2ao

— Andrew Forte ? (@TheAndrewForte) March 20, 2024

According to his data, the daily transaction volume reached $340 million, with 277,000 active addresses. Over the past 30 days, 6.49 million addresses interacted with the L2 solution.

Forte noted Coinbase’s work on a wallet with account abstraction. This will allow the platform’s 100 million registered users to trade on Base without needing to remember seed phrases or private keys, he added.

In March, Base experienced delays amid a surge in on-chain activity. The trend intensified following the activation of the Dencun update in Ethereum. After the hard fork launch, second-layer solution fees dropped from $0.7 (as of March 13) to a minimum of $0.001.