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The Rapid Ascent Of Coinbase's Base Blockchain

March 24, 2024
x min read
The Rapid Ascent Of Coinbase's Base Blockchain

Coinbase is already the largest crypto exchange in the United States. But now, they also have one of the fastest growing blockchains too.

What’s happening:

  • Coinbase (NASDAQ: COIN) is experiencing enormous growth for Base, their layer 2 blockchain built on Ethereum

By the numbers:

  • The total value locked on Base is now at approximately $2.1B USD
  • In the last 30 days alone, Base added more than $1B USD in total value locked
  • Following the recent protocol upgrade on Ethereum, Base saw a record breaking 2M individual transactions in a single day
  • Transactions on Base are approximately 10x cheaper than transactions on Ethereum

Why it matters:

  • Coinbase made waves when they announced they would launch their own blockchain, as many skeptics saw it as a deviation away from the success of their crypto exchange and custody businesses
  • Base has largely exploded due to low transactions fees and the seamlessness of their existing users being able to easily begin transacting on Base through Coinbase’s exchange

Going deeper:

  • Base has the ability for developers to easily build everything from games, to lending protocols, to decentralized exchanges on top of the layer 2 blockchain

The intrigue:

  • Layer 1 blockchain Solana has also been experiencing enormous growth across their entire ecosystem, with a record breaking number of new wallets being created and a significant uptick in transaction volumes

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