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COINTURK NEWS > Cryptocurrency News > Solana’s Co-Founder Highlights the Importance of Base for the Ethereum Ecosystem
Cryptocurrency News

Solana’s Co-Founder Highlights the Importance of Base for the Ethereum Ecosystem

In Brief

  • Base plays a vital role in the Ethereum ecosystem's growth.

  • Aerodrome Finance significantly contributes to Base's Total Value Locked.

  • Ethereum faces challenges while Layer 2 solutions gain importance.

Fatih Uçar
Fatih Uçar 7 months ago
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Anatoly Yakovenko, co-founder of Solana $176, emphasizes the critical role of the Layer 2 solution known as Base in the Ethereum $0.000199 ecosystem. Yakovenko’s view is supported by the rapid increase in user activities and transaction volumes associated with Base.

Contents
Base’s GrowthAerodrome Finance’s Contribution to TVL GrowthImpact of Ethereum’s Market Position

Base’s Growth

The Base network has experienced significant increases in key activity metrics such as Active Addresses, Transaction Count, and Transaction Volume, reaching all-time highs. Additionally, Base’s Stablecoin Market Capitalization and Total Value Locked (TVL) have also seen upward trends.

The integration of Base with Coinbase‘s extensive user base has contributed to the rising demand and metrics. Furthermore, the popularity of meme coins within the Base ecosystem, particularly MOG and BRETT, has positively influenced the platform’s growth.

Aerodrome Finance’s Contribution to TVL Growth

According to DefiLlama reports, Aerodrome Finance has played a significant role in the increase of Total Value Locked (TVL) in Base Layer 2, with meme coin trading volume being the primary reason for this growth. The platform has contributed $1.36 billion to the TVL of Base Layer 2.

Following Base Layer 2’s impressive performance, Anatoly Yakovenko noted:

“Essentially, without Base, the Ethereum ecosystem would currently be underwater.”

However, on-chain analyst Lily Liu raised potential concerns regarding the grouping of active addresses. Liu pointed out that the monthly active address count of Solana is four times greater than that of Base, suggesting that the current presentation does not reflect the ecosystem’s true activity levels.

Liu proposed showing EVM and non-EVM bars in different colors on a single bar chart for more accurate data presentation. She also emphasized that NEAR Protocol surpasses Base with its 31 million monthly active addresses.

Impact of Ethereum’s Market Position

Since the Dencun update, Ethereum has faced certain challenges; inflationary supply and declining revenues have become significant issues. In contrast, the rise of Base Layer 2 has been notable, establishing itself as an important player among Ethereum’s Layer 2 solutions. Layer 2 solutions continue to develop as independent ecosystems with their communities and economic activities.

In conclusion, dynamics within the blockchain ecosystem are shifting, and Layer 2 solutions are increasingly becoming vital. Users and stakeholders are showing growing interest in the advantages offered by Layer 2 solutions.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 22 October, 2024 - 12:58 am 22 October, 2024 - 12:58 am
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