The Base mainnet has recently seen a significant surge in on-chain activity, with daily transactions consistently surpassing the 1 million threshold and reaching a peak of 3 million.
This surge is largely attributed to strategic updates and the impact of the Bitget portfolio, which has significantly contributed to the volume.
Base mainnet increases On-Chain activity
Recently, the mainnet of Base has shown significant growth, with daily transactions consistently exceeding the 1 million threshold in the last month.
This upward trend has reached a new peak starting from March 28, with daily volumes exceeding 2 million and reaching a peak of 3 million transactions this week.
A significant contribution to this surge is given by Bitget Wallet, which alone has recorded daily transactions exceeding 200,000, equivalent to over 10% of the total activity of the Base chain.
According to Alvin Kan, COO of Bitget Wallet, three main factors have contributed to the recent dynamism of the Base ecosystem. First, the Dencun update, which brought substantial funding and fundamental improvements, leading to a six-fold increase in the number of high-quality developers involved in the platform since the beginning of the year.
This influx of talent has evidently paid off, improving the functionality and solidity of the Base mainnet.
Secondly, the total value locked (TVL) on Base has seen a substantial jump, going from $477 million at the beginning of March to an incredible $1.47 billion. This growth not only has surpassed other Layer 2 platforms like Arbitrum, Optimism, and Starknet, but has also solidified Base’s position in the DeFi landscape.
The third determining factor was the so-called “Base meme fever”, triggered by the launch of a meme coin by the founder of the well-known NFT project, mfers.
This event, combined with the trading of other popular meme coins, has dramatically increased the volume of transactions on the Base chain DEXs, reaching an unprecedented figure of $1.22 billion on March 30th.
The MOEW phenomenon
To increase the excitement, the recent launch of the meme coin MOEW by Bitget Wallet on April 3 has significantly fueled chain activity. The coin launch involved a strategic airdrop targeted at BWB token holders, which quickly amassed nearly 100,000 holders and a total transaction volume exceeding 120 million dollars.
This strong diffusion has led MOEW to briefly lead the Base chain interactions ranking, highlighting the powerful influence of strategic token distributions in driving engagement in the blockchain.
This surge in on-chain activity on the Base mainnet is emblematic of a broader trend in the cryptocurrency space, where Layer 2 solutions on Ethereum, such as Base, are rapidly evolving to offer faster and cheaper transactions without compromising security.
With the support of the Coinbase Foundation, it is expected that the Base chain will not only maintain its current momentum, but also expand its capabilities in addressing urgent issues such as regulation and compliance.
Alvin Kan’s optimism about the Base network is well-founded. The Base chain benefits from a strong ecosystem on the chain, a base of engaged users, and broad developer support. These elements are crucial because they directly influence the quantity and quality of projects that the platform can attract and support.
Conclusions
In conclusion, the recent performance of the Base mainnet is a testament to the effective strategies implemented by its community and supporting entities such as Bitget Wallet.
As the landscape of blockchain and DeFi continues to evolve, Base stands out as a promising platform that could potentially lead the next wave of innovation in the cryptocurrency sector.
The ongoing developments and enthusiastic community participation suggest a bright future, making Base a key player to keep an eye on in the blockchain arena.
