In the markets, the areas that receive hype change every year, and sometimes every few months, with capital roaming among these categories. For instance, while meme coins with low market value were popular at one time, AI tokens and then layer 2 solutions gained interest. Layer 2 solutions are still attracting attention, and interestingly, the BASE network is growing even though it will not be doing an airdrop.
BASE Network and TVL
Launched by Coinbase and warned from the first day that there would be no airdrop, the BASE network is garnering interest. Crypto users often see such new networks as places for airdrop farming. However, BASE is already, at least when we look at it from the mainnet perspective, a tree that does not bear fruit. But large crowds like to cool off in its shade.
Because the Base Network has surpassed $735 million in total locked value on the network, according to the latest data from L2Beat. By the end of November 2023, after the launch in August, the network had seen $600 million in TVL. According to data provided by Dune, the number of participants in the BASE network was 2.5 million last month and has now cumulatively exceeded 3 million.
Of course, this level of interest is important for Coinbase. The largest cryptocurrency exchange by volume in the US had announced it would take various steps to diversify its revenue. It then launched the Global exchange, futures trading, and the BASE network.
The Future of BASE Network
Coinbase is already one of the most regulated crypto companies in its region and a publicly traded company on the stock markets. This means it undergoes regular audits and has obligations that are much stricter than some of its unlisted competitors. Moreover, it is the most powerful platform in the region by volume. This means that the BASE network it supports can make significant deals in the region.
Even though Base may not do an airdrop, the protocols on its network have not said anything to that effect. So, all 3 million users may not leave empty-handed. But more importantly, as interest in the RWA area increases, it remains to be seen whether the company will offer service packages similar to those provided by Chainlink with BASE. Perhaps in the future, Base will transform into a hub where US institutional investors tokenize real-world assets rather than individual investors.
In summary, the tree that does not bear fruit is growing, and we may hear more about the BASE network in the future.
