Base Chain: The Layer 2 project with the highest TVL, a comprehensive analysis of ecological development

Base chain is the Ethereum Layer 2 network launched by Coinbase, built on the Optimism OP Stack. Since its launch, Base chain has developed rapidly, performing exceptionally well on multiple key metrics and surpassing several established Layer 2 projects.

Introduction to Base Chain

Base chain is a Layer 2 solution built on the OP Stack development toolkit. It utilizes Optimistic Rollups technology, offering good Ethereum compatibility and lower computational complexity. As part of the Optimism superchain, Base is committed to enhancing the interoperability of the chain network and the developer ecosystem.

On-chain Data of Base

TVL

The TVL of the Base chain has risen from 1.419 billion dollars in September to 2.388 billion dollars now, an increase of 68.28%. Among all ETH-Layer 2s, Base's TVL growth ranks first.

On-chain address count

The number of on-chain addresses on Base has increased from 24.55 million in August to 74.88 million now, an increase of 205.01%. This indicates that on-chain users have more than doubled in the past three months.

on-chain income

Base chain's total revenue growth from March to October reached 287%, with an average monthly increase of 41%. As user activity increases, Base's revenue continues to experience high growth.

Weekly Trading Volume

The weekly trading volume of the Base chain has increased from 13.45 million in May to 47.06 million now, with a total increase of 249% from May to October, and an average monthly increase of 49%.

On-chain performance

Base's TPS reached 66.28, making it the best-performing among all Ethereum ecosystems.

Weekly Active Addresses

The weekly active users on the Base chain have maintained steady growth, which is an important indicator for evaluating the healthy development of a public chain.

Circle (USDC) support for Base

Circle officially announced the native issuance of USDC on the Base chain and developed the CCTP cross-chain tool. Coinbase has partnered with Stripe to bring USDC to the Base platform, enabling faster and lower-cost cross-border transfers and conversions from fiat to cryptocurrency.

The ecological situation of Base chain

The Base chain ecosystem covers multiple tracks including Wallet, Bridge, DeFi, Gaming, and more, with a total of 323 Dapps. The main ecological projects include:

DeFi track

• Aerodrome: The first DEX on the Base chain, using the Ve(3,3) model.
• Morpho Blue: Decentralized Lending Protocol
• Extra Finance: Leveraged Lending and Auto-Compound Yield Aggregation Protocol

Meme Coin track

Meme coin projects with high popularity frequently appear on the Base chain, attracting a large amount of market traffic.

SocialFi track

• friend.tech: A decentralized social platform that allows users to purchase "shares" of Twitter users.
• Farcaster: Decentralized social network protocol using hybrid storage technology

Coinbase's Innovations on the Base Chain

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

Summary

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 robust infrastructure support for the development of decentralized finance and Web3, demonstrating outstanding performance in key metrics such as TVL, user growth, and transaction volume, surpassing several established Layer 2 projects.