The total value locked (TVL) in Base, an Ethereum layer-2 network, has experienced rapid growth, doubling to reach $2.13 billion in less than a month. Commentators suggest that Base could potentially become the next hub for memecoins.
Base achieved $1 billion in TVL on February 27, just 226 days after its launch in August. Surprisingly, the network surpassed $2 billion in market value just 25 days later on March 23, according to data from L2 Beat.
The largest token by natively minted value on Base is USD Coin (USDC), which stands at $600 million. On the other hand, Ether (ETH) is the largest token by canonically bridged value, reaching $798 million.
Industry experts believe that memecoins may drive the next wave of adoption on Base, potentially competing with Solana for memecoin market share. One user, Dami-Defi, with 62,100 followers, stated on March 24 that attention is now shifting to Base after Solana’s memecoin season, which created overnight millionaires.
Among the notable memecoins on Base are Degen (DEGEN) and Base God (TYBG), with market caps of $143.4 million and $65.9 million, respectively, according to CoinGecko. However, these figures are still lower than other recently popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
The memecoin frenzy on Solana has been dominated by Dogwifhat (WIF), which has achieved a market cap of $2.7 billion since its launch in December. Additionally, Book of Memes (BOME) and Slerf (SLERF) have already amassed market caps of $2.7 billion since their launch on Solana earlier this month.
Traders are also speculating on other memecoins on Base, such as Normie (NORMIE), Briun Armstrung (BRIUN), and Brett (BRETT).
Andrew Forte, the director of business development at Dappd, a blockchain solutions firm, is optimistic about Base. He highlights that Coinbase, the creator of Base, is developing a native smart contract wallet that will enable its 100 million registered users to trade on Base without the need for seed phrases or private keys. This development is expected to attract several billion-dollar memecoins to Base and facilitate their listing on Coinbase, reaching a broader audience.
Base recently achieved a record of 2 million transactions in a day on March 16 after the Dencun upgrade on Ethereum.
In conclusion, Base’s TVL has experienced significant growth, making it a potential contender in the memecoin market. With the support of Coinbase and its upcoming smart contract wallet, Base is expected to attract more memecoins and expand its user base.