Base TVL doubles in a month when researchers offer memecoins to drive adoption
Ethereum's layer-2 network base total value locked (TVL) has doubled in less than a month, reaching $2.13 billion, and commentators say it could be the next hub for memecoins.
226 days after Bethesda launched in August, it hit $1 billion in TVL. However, the network breached the $2 billion mark 25 days later on March 23, according to data from L2bit.
USD Coin (USDC) is the largest token by native value at $600 million and Ether (ETH) is the largest token by canonical bridge value at $798 million.
Some industry analysts believe that memecoins could drive the next wave of adoption on Base and take some of the memecoin market share away from Solana.
“Solana had a crazy #memecoin [and] Thousands of millionaires made overnight,” X user Dami-Daffy told his 62,100 followers on March 24.
“But now the focus is shifting to another chain – #BASE,” Demi-Deffi added.
We recently took a look at one of the craziest meme seasons on Solana.
Those who were early and knowledgeable enough earned thousands or even millions of dollars.
Now, the focus will slowly shift to Base memes, and we can see a mad dash there. pic.twitter.com/QabqsLX4r4
— Xremlin (@0x_gremlin) March 21, 2024
Degen (DEGEN) and Base God (TYBG) are among the largest Base memecoins, boasting a market cap of $143.4 million and $65.9 million respectively, according to CoinGecko – although these are still below more recent memecoins such as Dogecoin (DOGE) and Shiba. Inu (SHIB)
Solana's memecoin craze is headlined by Dogwiffhat (WIF), which has a market cap of $2.7 billion since its launch in early December, according to CoinGecko.
Meanwhile, Book of Memes (BOME) and Slerf (SLERF) have amassed a market cap of $2.7 billion since launching on Solana earlier this month.
Normie (NORMIE), Briun Armstrong (BRIUN) and Brett (BRETT) are among other base memecoins being speculated by traders.
RELATED: Memecoin Trader Makes $8.9M Profit in One Hour, ‘Insider' Allegations Raised
According to Andrew Forte, director of business development at blockchain solutions firm Daped, the developer's company Coinbase is building a native smart contract wallet that will allow its 100 million registered users to trade on the base without having to remember. genealogies or private keys.
“There will be several billion dollar memecoins that will get an easy listing on Coinbase and meet all the rules,” user Wizard of Soho X told his 97,000 followers.
“Fading Base SZN” is a “bad” idea, he added.
Base recently set a record of 2 million transactions in a single day on March 16th following Denku's upgrade on Ethereum.
Magazine: How smart people invest in dumb memecoins: 3 point plan for success
