Coinbase launched Base as an Ethereum layer-2 network earlier this year, marking a milestone as the first publicly traded company to launch such a network. Since the network was made available to everyone on August 9, Base has experienced significant growth.
New data suggests an increase in token holders in the Base ecosystem.
- According to crypto analytics platform Intotheblock, the number of holders of various tokens on the layer 2 network has been steadily increasing.
- Lesser known tokens like Echelon Prime (PRIME) and Aero (AERO) top the charts with 16.83k and 7.77k addresses on Base.
- In recent months, Base has collaborated with several industry players, including Chainlink.
- Base’s rising popularity can be attributed to the debut of decentralized social media platform Friend.tech, which not only attracted a significant number of new users but also attracted the attention of numerous influential celebrities.
- Additionally, the launch of the Aerodome on Base decentralized exchange acted as another driving force, successfully pushing the total value locked (TVL) on the layer-2 network above $400 million.
- However, after a boom and retail rush, overall activity on the Base blockchain has gradually declined.
- Since August 25, 2023, there has not been a single day when transaction volume for the prominent protocols on Base exceeded $4 million, ITB’s analysis shows.
- It further noted,
“The volume of these tokens appears to be directly correlated with the protocol’s incentive programs, suggesting that these tokens have not yet gained traction as a blue-chip.”
- Data from Dune Analytics also shows that the number of daily active users on Base has fallen by more than 64% from a record high of 145,479 on August 21 to 51,763 on October 31.
