The initial response to Coinbase’s layer 2 blockchain – Base – has been favorable so far. It has garnered substantial engagement in both DeFi operations and cross-chain bridge transactions. The daily active users on Base, for one, surpassed 100,000 for the first time. More importantly, the figure came just a day after the much-anticipated launch of the blockchain’s mainnet.
Base was already live for testing by developers but launched for the public officially with more than 100 apps and service providers on August 9th.
Base’s Activity Spike
Base blockchain went live on mainnet this week, in a move that was touted as the beginning of a new era of public companies running their own distributed networks. The positive reception was evident in terms of the total value bridged to Base, which surpassed $150 million on the day of the official launch. The figure currently stands near $173 million.
Data compiled by Dune Analytics further recorded over 136k daily active users on August 10th. Judging by the pace, the number seems to be heading towards a new peak today.
Meanwhile, the crypto data platform CryptoRank ranked Base in the 4th position in daily TPS among layer-2 solutions despite trailing miles behind already established players such as zkSync Era, Arbitrum, and Optimism.
Initially unveiled in February, Coinbase heralded Base as a “bridge” for new crypto users into the crypto economy. However, unlike its peer Ethereum scaling networks such as Optimism, Arbitrum, or Polygon, the San Francisco-based crypto exchange confirmed having no immediate plans to release an accompanying token for Base.
Part of Base’s success can be attributed to its soft launch, from the developer-only release in July to mainnet a month later. Prior to the public launch, Base witnessed substantial usage through the BALD memecoin.
However, it is a new social network project called friend.tech is the reason behind the heightened activity. Since the launch of friend.tech, data suggest that there have been more than 7,000 users, and over 81,000 transactions have been completed with a transaction volume of 2,778 ETH on the layer-2 blockchain.
As such, the total value of assets locked (TVL) on Base soared above $161 million during the same period, representing a nearly 81% increase over the past week alone.