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The Rapid Ascent Of Coinbase's Base Blockchain

March 24, 2024
x min read

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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