Blockchain market analysis firm Nansen published a report on Tuesday examining how the earliest whales to join Coinbase's layer 2 blockchain, Base, used their money. Here are the findings made by the company:
Early whales invested heavily in Ethereum and layer 2 networks. As of August 7, these whales had the most value in Ethereum at $19.6 million, followed by Base ($17.6 million), Arbitrum, and Optimism.
When it comes to tokens, ETH was most widely held at $11.6 million. Below that were relatively large memecoin allocations such as Bald at $2.7 million, UNIBOT at $284,000, and BITCOIN at $273,000, which were distorted by the BALD distributor.
Among the most common assets these whales interact with are popular decentralized exchanges such as Uniswap and 1Inch.
“Most of their activity consists of DEXs, stablecoins, L2s, and widespread DeFi applications,” Nansen said. Like token and chain allocation, protocol usage centers around a few “trustworthy” DeFi implementations.
The analysis concerns whales bridging their presence to Base, which officially launched this week, meaning they need to access the ecosystem without a prepared front end.
Based on this, Nansen hypothesizes that many of these early investors were “crypto native degens.”
“Examining the early Base Bridgers landscape, it is clear that the crypto-native segment was actively engaged with the BASE platform even before its official launch,” the report said.
Base officially launched on August 9 and reached 136,000 daily active users within the first two days. 🚀📈
Early whales invested heavily in Ethereum and layer 2 networks. As of August 7, these whales had the most value in Ethereum at $19.6 million, followed by Base ($17.6 million), Arbitrum, and Optimism.
When it comes to tokens, ETH was most widely held at $11.6 million. Below that were relatively large memecoin allocations such as Bald at $2.7 million, UNIBOT at $284,000, and BITCOIN at $273,000, which were distorted by the BALD distributor.
Among the most common assets these whales interact with are popular decentralized exchanges such as Uniswap and 1Inch.
“Most of their activity consists of DEXs, stablecoins, L2s, and widespread DeFi applications,” Nansen said. Like token and chain allocation, protocol usage centers around a few “trustworthy” DeFi implementations.
The analysis concerns whales bridging their presence to Base, which officially launched this week, meaning they need to access the ecosystem without a prepared front end.
Based on this, Nansen hypothesizes that many of these early investors were “crypto native degens.”
“Examining the early Base Bridgers landscape, it is clear that the crypto-native segment was actively engaged with the BASE platform even before its official launch,” the report said.
Base officially launched on August 9 and reached 136,000 daily active users within the first two days. 🚀📈