The Performance of Base in the DeFi and NFT Markets
Coinbase’s layer-2 blockchain network, Base, is making significant progress in the non-fungible token (NFT) and decentralized finance (DeFi) domains. With an astounding 410 decentralized applications (dApps), Base has become the top layer-2 network in the bitcoin market, claims DeFi Llama. Its DeFi ecosystem has notable players like Aerodrome, Uniswap, Morpho Blue, and Moonwell.
AAVE’s rival Morpho is expected to expand further following Coinbase’s recent announcement that it will provide Bitcoin-backed loans via its platform. This calculated action demonstrates Base’s increasing popularity in the DeFi industry.
In Decentralized Exchanges, Dominance
By transaction volume, Base’s decentralized exchange (DEX) networks have consolidated their leadership in the layer-2 sector. Base’s ecosystem protocols have enabled $264 billion in transactions since they were first implemented. Of this volume, an astounding $12.2 billion was reported in the last seven days alone, indicating strong and increasing activity.
The growing Base meme coin ecosystem, which currently has a valuation of over $2.6 billion, is one factor driving this expansion. Well-known meme currencies like Brett, Akuma Inu, Toshi, and Degen are important contributors to this ecosystem.
Increase in Active Wallets and NFT Sales
Base has also asserted that it is the best layer-2 network in the NFT domain. The last week saw a 128% increase in purchasers, reaching over 15,000, and a 45% increase in NFT sales on Base, reaching $8.3 million. Base’s total NFT revenues have exceeded $62 million.
According to DappRadar data, Base handled about 40 million transactions in the previous 30 days. Comparatively, rival networks such as Polygon and Arbitrum processed 29.3 million and 6.21 million transactions, respectively. With an astounding 15 million active wallets, Base considerably outnumbers both Arbitrum (1.12 million) and Polygon (3.69 million).
Implications for Possible Airdrop and Valuation
If Coinbase chooses to implement an airdrop, these robust measures indicate that Base may reach a noteworthy valuation. According to analysts, Base’s fully diluted valuation (FDV) may be more than $7 billion, which may put it on par with or even higher than other significant layer-2 networks like Arbitrum, which has a $3.2 billion market cap and an FDV of $7.5 billion. Another rival, Optimism, has a $2.47 billion market capitalization and a $7.85 billion FDV.
Prospects for the Future and Airdrop Hypotheses
Coinbase may begin a Base airdrop in 2025, according to increasing signs. Decentralization is emphasized in Coinbase’s roadmap for that year, with hints of ambitions to integrate community members in governance and decision-making. This calculated action would fit well with the expanding movement in blockchain ecosystems toward user empowerment.
Base’s influence across a number of industries is expected to increase as it deepens its position as a disruptive force in the blockchain arena by expanding its footprint in the gaming and artificial intelligence sectors.
