Base, the layer 2 blockchain network launched by Coinbase, is doing well in the decentralized finance sector and the non-fungible token sector.
According to DeFi Llama, Base has become the largest layer 2 network in crypto. It has 410 dApps in the decentralized finance sector. Some of its biggest players in the DeFi ecosystem are Aerodrome, Uniswap, Morpho Blue. and Moonwell.
Morpho, a rival to AAVE, will likely continue to grow after Coinbase announced it would offer Bitcoin-backed loans on its platform.
Core DEX networks continued to dominate the Layer 2 sector in terms of volume. Its ecosystem protocols have processed transactions worth $264 billion since its inception. This volume reached $12.2 billion over the past seven days.
This growth is likely due to the growing Base meme coin ecosystem, which is now valued at over $2.6 billion. The biggest coins in his network are Brett, Akuma Inu, Toshi and Degen.
Base has also become the largest layer 2 network in the NFT space. Its NFT sales jumped 45% in the past seven days to $8.3 million, while its buyers increased 128% to over 15,000. Its cumulative NFT sales reached over 62 million dollars.
Other data from DappRadar shows that Base has processed nearly 40 million transactions in the past 30 days.
Arbitrum (ARB) and Polygon (POL) processed 6.21 million and 29.3 million, respectively. Base had 15 million unique active wallets, while the other two had 1.12 million and 3.69 million, respectively. Base is also increasing its presence in the artificial intelligence and gaming sectors.
These moves mean that Base would likely receive a significant valuation if Coinbase decides to launch an airdrop. It would likely be larger than Arbitrum, which has a market cap of $3.2 billion and a fully diluted valuation of $7.5 billion.
Optimism, another popular Layer 2 network, has a market cap of $2.47 billion and an FDV of $7.85 billion. Therefore, Base would have at least a FDV of $7 billion.
There are signs that Coinbase will launch the Base airdrop in 2025. Its roadmap for 2025 included a section on decentralization. This could be a sign that Coinbase is considering letting community members participate in its decision-making.
