Anatoly Yakovenko, co-founder of Solana 
$89, emphasizes the critical role of the Layer 2 solution known as Base in the Ethereum 
$2,293 ecosystem. Yakovenko’s view is supported by the rapid increase in user activities and transaction volumes associated with Base.
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.
