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The United States-based cryptocurrency exchange Coinbase-supported popular Layer-2 network Base has recently experienced a notable loss of momentum. This period coincided with a sell-off pressure in the crypto market led by Bitcoin 
$103,190. But can we say the hype for Base is over? We are examining this with on-chain data analysis and notable details.
Has the Hype Ended in the Base Ecosystem?
Base ecosystem has recently been affected by rug-pull scams and a volume loss in the NFT market, causing many users to incur losses. While every hype cycle inevitably ends, it is still premature to declare the end of hype for Base. The transaction revenue in the Base ecosystem dropped to $236,000 on April 14th, a level last seen on March 19th, but then rose to $404,697 on April 15th amid geopolitical tensions.
The number of daily active users in the popular Layer-2 network has been declining over the past week, reaching its lowest level on April 14th with 298,000 active users. On April 15th, the number of daily active users recorded was 321,000.
The number of contracts uploaded to the Layer-2 network continues to break records daily. This process might be significantly impacting as hundreds of projects are introduced to the ecosystem each day.
The daily transaction count in the Base ecosystem was recorded at 2.6 million on April 13th, marking the lowest level in recent days. On April 15th, however, 3 million transactions were recorded on the ecosystem.
In the Coinbase-supported ecosystem, the transactions per second (TPS) data also saw its lowest level on April 13th at 30.58. Following this period, the TPS data rose to 34.96, maintaining its leadership within the Ethereum 
$2,251 ecosystem.
Base Ecosystem’s NFT and Token Market
Recently, the Base ecosystem has been in the spotlight due to the NFT market, where according to data from the analytics platform Parsec, the most voluminous NFT collection in the last 24 hours was based punks with 89.9 Ethereum. The based punks collection managed to double its floor price recently, supported by both the Base team and OpenSea postings.
According to Dex Screener data, token trading transactions in the Base ecosystem have fallen to their lowest levels recently. In the last 24 hours, the total transaction volume was recorded at 542.2 million, with 1,058,926 transactions.
