Coinbase’s Ethereum-based L2 solution, Base, opened its mainnet doors for developers in mid-July. Within a few days of its launch, the TVL on the protocol reached $1 million, and since then, there has been no looking back. Just over the past day, the TVL has registered a 2666% increase from $2.19 billion to $60.58 billion.
Also Read: Coinbase: Base TVL Rises Over 100%, Approaches $1 Million
Meme coin-related activity has sharply risen on Base of late. Traders have been scooping out tokens like BALD, COIN, and BASED on the network through the decentralized exchange LeetSwap. According to data from Dex Screener, the aforementioned exchange has registered a 24-hour volume of $236.1 million, with the help of over 531,467 transactions.
Around half [$105 million] of LeetSwap’s daily trading volume was related to BALD. Several on social media have started mockingly theorizing how going bald is associated with a “mysterious power” that could make people billionaires.
Other top traded crypto assets on the platform included COIN and BASED. The former was trading at $0.07 at press time, down by 69% over the past day. The latter, however, was trading at $0.039, after registering a 7000000% rise in the last 24-hours. Nevertheless, profit booking was already taking place. Out of the total 15,206 BASED transactions, 7,162 of them were sell-related.
Also Read: Coinbase: Base is 80% Ready for Mainnet Launch
Ether ported to Base Spikes
A recently reported, Base’s public launch is set to take place in August. For now, there is no official way for traders to bridge Ether from the mainnet to the Base. Nevertheless, there is a ‘Portal Proxy Contract’ that helps developers in that regard. The total value of Ether bridged stood over 65.47 million at press time, with most porting happening over the last couple of days.
Cautioning the community, Lady of Crypto recently revealed that she bridged some funds to Base, but expects to “fully lose it all.” She added,
“The scammers and rug pullers know it so they are already over there doing their thing. It’s all just gambling at this point. If you are going to gamble on BASE, make sure it’s money you can afford to lose.”
Others from the space believe that there is still a possibility of “continued significant liquidity in the ecosystem.” This, in turn, will likely result in “increased interest in new projects that are garnering attention,” crypto analyst Alex Wacy tweeted. He proposed exploring “the most intriguing projects” like EigenLayer, Pendle, Maverick Protocol, Radiant Capital, etc. that could capture the spotlight going forward. He asserted that locked liquidity will prove to be a game changer and help several projects thrive.
Nevertheless, there is no guarantee for the hype phase to last for a long period. The recent meme-coin summer instigated by Pepe Coin made millionaires and billionaires, but the trend cooled down shortly. Thus, users are advised to exercise caution.
Also Read: 10 Reasons Why Coinbase’s Ethereum L2 ‘Base’ Is a “Big Deal”