The United States-based cryptocurrency exchange Coinbase-supported Layer-2 network Base managed to reach two significant milestones on April 7. According to on-chain data, the network has surpassed the Ethereum mainnet in the number of transactions per second and has reached a new milestone in the total value of assets locked within the Base ecosystem.
Intense Interest in the Base Network
With the Bitcoin price trading near the $70,000 level, the popularity of memecoin projects offered in the Base ecosystem has revived, pleasing investors. According to data provided by the blockchain data analysis platform DeFiLlama, the Total Value Locked (TVL) in the Base ecosystem surged to a record level of $1.298 billion. This significant increase in TVL indicates that market participants are directing capital into projects within the Base ecosystem.
Data obtained from another blockchain data analysis platform, IntoTheBlock, shows that the increased volume and demand for the ecosystem have led Base to surpass Ethereum‘s mainnet in transactions per second. While the Ethereum mainnet processes 14 transactions per second, the Base ecosystem processes 36 transactions per second.
On April 7, there was a significant price increase in memecoin projects within the Base ecosystem. Brett (BRETT), Toshi (TOSHI), Normie (NORMIE), Doginme (DOGINME), Mochi (MOCHI), Base God (TYBG) prices rose between 8% and 40%.
NFT Market in the Base Ecosystem
Base ecosystem’s most notable recent development is in the NFT space. While the blockchain NFT market has been underperforming compared to crypto assets, the situation on the Base network is quite different. In particular, NFT collections offered on the NFT platform Zora continue to attract significant interest from investors. This process continues to draw the attention of users who have made substantial gains from NFT trades.
Both Zora and the Base ecosystem are experiencing transactions related to anticipated airdrop events, enabling many Web3 users to mint and trade NFTs. Recently, NFT projects introduced on the Base network have been met with great enthusiasm.
