Base Chain: The Rapidly Rising Layer 2 Star Project

Base chain, as an Ethereum Layer 2 project incubated by Coinbase, has developed rapidly since its launch. According to the latest data, the TVL of Base chain has surpassed established Layer 2s such as Arbitrum and Optimism, jumping to first place. This article will comprehensively analyze the ecological development of Base chain from multiple dimensions.

Overview of Base Chain

Base chain is built on Optimism's OP Stack and is an important component of the Optimism Superchain. It adopts Optimistic Rollups technology, characterized by high compatibility and low computational complexity. Base is committed to creating a highly integrated chain network to provide users with a seamless experience.

On-chain Data Analysis

TVL

Starting from September, the TVL of the Base chain has surged significantly, increasing from $1.419 billion to $2.388 billion, a growth rate of 68.28%. Among all ETH Layer 2s, Base has the fastest TVL growth rate.

number of users

The number of addresses on the Base chain surged from 24.55 million to 74.88 million, an increase of 205.01%. This indicates that the number of on-chain users has more than quadrupled in just three months, demonstrating significant user growth potential.

On-chain income

Base chain revenue grew from $19.78 million to $76.55 million, a total increase of 287%, with a monthly average growth of 41%. As users and activities increase, revenue continues to grow rapidly.

trading volume

The weekly trading volume of the Base chain increased from 13.45 million to 47.06 million, with a total increase of 249% and an average monthly growth of 49%. The trading volume shows a rapid and sustained upward trend.

on-chain performance

The TPS of Base has reached 66.28, surpassing other Layer 2s, making it the best-performing solution in the Ethereum ecosystem.

Circle's Support for Base

Circle fully supports the Base chain, including:

• Issue USDC natively on the Base chain
• Develop CCTP to achieve USDC cross-chain transfer
• Collaborating with Stripe to introduce USDC into the Base payment system
• Support fast conversion of USDC to fiat currency on the Base chain.

These measures have greatly enhanced the application scenarios of USDC within the Base ecosystem, promoting the development of on-chain stablecoins.

Overview of the Base Chain Ecosystem

The Base chain ecosystem is very rich, encompassing various fields such as wallets, bridging, DeFi, games, DAO, etc., with a total of 323 Dapps. Major ecosystem projects include:

DeFi track

• Aerodrome:Base is the first DEX, using the Ve(3 model.
• Morpho Blue: Decentralized Lending Protocol
• Extra Finance: Leverage Yield Aggregation Protocol

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) Meme Coin track

Meme coin projects are emerging frequently on the Base chain, such as TYBG and Degen, playing an important role in attracting users and funds.

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) SocialFi track

• Friend.tech: Social Value Tokenization Platform
• Farcaster: Decentralized Social Network Protocol

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Coinbase's Innovations

Coinbase has launched the Based Agents service, allowing users to quickly create AI agents on the Base chain. Among them, Virtuals Protocol is one of the most popular AI agent products.

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Summary

The Base chain, supported by Coinbase, innovative technology applications, and a rich ecosystem of projects, has become one of the most promising Layer 2 solutions in the Ethereum ecosystem. It provides strong infrastructure support for the development of decentralized finance and Web3, and its future development is worth looking forward to.

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