- Base hit key milestones of $1B TVL in 226 days and $2B TVL just 25 days later, demonstrating exponential growth recently
- Largest tokens on Base are USD Coin at $600M by minted value and Ether at $798M by bridged value
- Factors driving further adoption include Coinbase’s native wallet for its 100M users and potential for memecoin growth like on Solana
Base hit a key milestone of $1 billion in total value locked (TVL) on February 27th, 226 days after launch. Incredibly, just 25 days later on March 23rd, Base surpassed $2 billion in TVL according to data from L2Beat. This demonstrates the exponential growth happening on Base recently.
Leading Tokens on Base
The largest token on Base by natively minted value is USD Coin (USDC) at $600 million. Meanwhile, Ether (ETH) is the largest token by canonically bridged value at $798 million.
Potential for Memecoin Growth
Some industry experts believe memecoins could drive the next wave of adoption on Base. They point to Solana’s success with memecoins as an indicator of this potential. Degen (DEGEN) and Base God (TYBG) are among the largest Base memecoins so far. However, their market caps are still far below major memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Other Factors Driving Adoption
Coinbase is building a native smart contract wallet that will allow its 100 million users to easily access Base without managing keys. This could dramatically boost adoption from “normie” users. Additionally, Base recently hit a record 2 million transactions in one day following an Ethereum upgrade.
Conclusion
In summary, Base has seen extremely rapid growth in adoption and activity over the past month. Memecoins and Coinbase’s large userbase are key factors that could push further exponential growth on this layer-2 network.
