As the anxious wait continues in the crypto market, this situation is causing a decrease in the number of users on blockchain networks. Blockchain networks, which gained significant momentum during the memecoin process that started with the Solana ecosystem, are now longing for their old days due to rug pulls and phishing attacks. So, what is happening in the Base ecosystem, one of the most popular Layer-2 networks of recent times? Let’s examine together.
Base On-Chain Data Analysis
According to blockchain data analysis platform DefiLlama, the Base network ranks 6th with a total locked value (TVL) of $1.534 billion. In the last month, the TVL value of Base has decreased by 1.66%, and in the last week, it has decreased by 2.96%. This situation is mainly due to the memecoin hype not starting on the network and the Onchain Summer events not receiving enough attention. Access NEWSLINKER to get the latest technology news.
The TVL value in the Base ecosystem has seen a significant rise since March. During this period, the interest in SocialFi and Layer-3 networks increased expectations for the Base network. However, the stagnation of the TVL value in recent months indicates that users have changed their opinions regarding a possible airdrop event or memecoin hype.
On August 5th, the 24-hour transaction volume on the Base network recorded a value of $1.26 billion. At the time of writing, this value has dropped to $403 million, showing a nearly 70% decrease. This decline also clearly indicates a drop in tokens and NFTs within the ecosystem.
As a Layer-2 network providing cheap and fast transactions, the Base ecosystem is frequently preferred by users. However, due to the decrease in user interest, the daily commission revenues of the ecosystem have dropped to $44,480 at the time of writing. The highest commission revenue in recent months was recorded on August 5th at $483,000.
One of the most important factors indicating user interest in a blockchain network is undoubtedly the number of transfer transactions. Although there has been a decline in TVL and transaction volume, the number of transactions on the Base network continues to increase. The primary reason for this is the Onchain Summer events. Although free NFT mints in these events do not contribute to transaction volume, they continue to reflect in the transaction count data.
Intense Interest in NFTs Continues in the Base Network
Significant developments continue to occur in the NFT sector of the Base ecosystem in recent weeks. The floor price of one of the ecosystem’s blue chip collections, based punks, has increased by over 100% in the last two weeks. Along with this process, significant developments are also happening in many NFT collections. However, attention should be paid to NFT collections that do not have community support and are highlighted with incorrect data, especially on OpenSea.
According to the data from token analysis platform DexScreener, SoMon became the token that entered the top 10 in market value and rose the most in the last 24 hours on the Base network. The popular token increased by over 27% in the last 24 hours. The fact that memecoin projects on the Base network are lagging behind popular projects continues to reduce interest in this ecosystem.
