Base, the Layer-2 blockchain network developed and overseen by Coinbase, a prominent publicly traded cryptocurrency company in the U.S., is gaining remarkable traction within the realms of developers, cryptocurrency enthusiasts, and collectors of non-fungible tokens (NFTs). The network has achieved an impressive milestone, with the minting of over 68 million NFTs.
Recent data compiled by Dune Analytics, a respected on-chain data aggregator, underscores the growing popularity of Base in recent weeks. Since its launch, nearly one million addresses have participated in the on-chain activities of the Base network. In a noteworthy feat, Base’s daily transactions surpassed both Arbitrum and Optimism last week. This article delves into the factors behind this significant growth.
Base, which was introduced earlier this month, serves as an Ethereum Layer 2 (L2) chain designed to provide a secure, cost-efficient, and developer-friendly foundation for on-chain operations. Developed collaboratively with Optimism, Base operates on the OP Stack. A testament to its versatility, Coinbase unveiled the Friend.Tech decentralized social network shortly after Base’s debut. This innovative platform turns friends or their networks into Shares or Keys.
While Friend.Tech has generated significant attention, the majority of activities within the ecosystem have revolved around non-fungible tokens (NFTs). Over the past two weeks, a staggering 47% of addresses have engaged in NFT-related actions as part of the on-chain summer initiatives. Furthermore, NFT-associated actions account for 24% of Base’s overall transactions.
Amid Friend.Tech’s recent decline, the app has still managed to amass a trading volume exceeding $80 million and has onboarded more than 124,000 total addresses since its launch. Although, as of August 19, the app constituted 54.9% of Base’s transaction fees, this proportion has since diminished to around 10% due to declining activity.
Over 70 Million NFTs in 30 Days
The Base network has experienced a surge in activity, primarily centered around on-chain summer NFT minting and Friend.Tech. Impressively, the ecosystem has witnessed the minting of more than 68 million NFTs. A significant portion of this minting activity is attributed to the “Bridge to Base” NFT, accounting for 59.5 million units. Notably, Base chain ranks second in Ethereum Layer 2 platforms for NFT activity, trailing only Polygon.
Outside the realm of NFTs and Friend Tech, Base has witnessed a relatively modest level of DeFi activity, primarily within decentralized exchanges (DEXs). Over the past week, Base network registered a trading volume exceeding $96.7 million, positioning it closely behind Optimism ($119.91 million) and inching closer to Arbitrum’s impressive $1.37 billion trading volume. Anticipated to attract a host of crypto and NFT projects in the foreseeable future, Base is poised for further growth and innovation within its network.
