Base Doubles TVL in Just One Month
It took Base 203 days to reach the $1 billion TVL milestone, but in less than a month, this figure has doubled.
Base Doubles TVL in Just One Month. Image: CoinStats
In just a short month, the Total Value Locked (TVL) on Base's layer-2 network has doubled.
On February 27, Base officially surpassed the $1 billion TVL mark after 226 days of operation, but the growth did not stop there. Base continued to break through the $2 billion TVL milestone on March 23, according to L2 Beat data.
TVL fluctuations on Base over the past 30 days. Source: L2 Beat
Base also recorded a record of 2 million transactions in a day on March 16, immediately after Ethereum's Dencun upgrade.
Meme traders on Solana printed millions this season:$BOME: 800x │ $WIF: 1000x │ $SLERF: 300x$BASE season is just revving up, and might have a similar rally.
— Xremlin (@0x_gremlin) March 21, 2024
🧵List of memes on Base with 10-500x potential⭣ pic.twitter.com/wAs5hde0N9
Some experts believe that memecoins have been the gateway for new capital inflows into Base, with some of it potentially sourced from Solana.
X Dami-Defi's account shared:
"After a vibrant memecoin season on Solana, creating millionaires overnight, the attraction is now shifting towards Base."
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 ….
— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) March 20, 2024
Base fixes this. And it’s the path to Coinbase entire community.
I am still super long…
Another prominent KOL, Wizard of SoHo, predicted to his 97,000 followers:
"There will be billions of USD in memecoins on Base listed on Coinbase."
Degen (DEGEN) and Base God (TYBG) are among the largest memecoins on Base, with market capitalizations of $143.4 million and $65.9 million, respectively. However, these figures are modest compared to "veteran" memecoins like Dogecoin (DOGE) or Shiba Inu (SHIB).
Top memecoins on Base. Source: CoinGecko
Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT) are other notable figures currently speculated upon on Base.
Amidst everyone "hunting memes," gas fees on Base have at times surged to $5 per transaction, as reported by Coin68. Some observers even liken Base to Solana's past "network congestion."
Before concluding, let's reflect on Solana for a moment, the latest memecoin frenzy ignited by Dogwifhat (WIF). The whimsical cat with a hat quickly achieved a $2.7 billion market cap shortly after its launch. Alongside it, Book of Memes (BOME) and Slerf (SLERF) amassed $2.7 billion in market cap despite being launched just earlier this month. Thanks to memecoins, Solana also surpassed Ethereum in trading volume on DEX.
