Base became a rising star in the blockchain industry in just one year

Base, the tokenless blockchain platform launched by Coinbase, has quickly become one of the most competitive Layer 2 networks on its first anniversary. Despite not issuing a token, Base has achieved significant results in a short period of time, having a positive impact on multiple applications and the entire Web3 ecosystem.

Since its launch, Base has relied on an intuitive Web3 wallet to attract users, rather than traditional token incentives. As of now, Base has more than 27 million registered wallets, and it has also accelerated the addition of new users. This growing trend is closely related to the “on-chain summer” campaign launched by the Base team, which encourages users to participate in tasks and interactions, and provides easily obtainable NFTs to increase platform usage.

Source: Dune Base currently has more than 27 million registered wallets

The total locked-up volume and trading volume increased significantly

Base has been able to maintain relatively low transaction fees despite its growing user base, currently at around $0.02 per transaction. This allows Base to not only increase overall fee revenue, but also provide a more cost-effective experience for end users.

According to the latest data, Base’s total locked-up volume (TVL) has reached $1.48 billion, a growth mainly driven by the bull market in 2024.

Source: DefiLlama Base’s TVL has reached $1.48 billion

Additionally, the $USDC stablecoin on the Base platform surpassed the $20 billion mark at the end of July and has continued to accelerate over the past three months.

Image Source: The $USDC stablecoin on the Artemis Base platform surpassed the $20 billion mark at the end of July

Base plays an important role in the Optimism ecosystem and has become one of the most influential chains in the ecosystem. Base also demonstrated its ability to scale functionality, particularly in accepting the $OP token from the Optimism mainnet. These successes have allowed Base to not only surpass other Layer 2 platforms in terms of user base, but also become an important driving force for decentralized finance (DeFi) and Web3.

Facing challenges, Base responds proactively

Despite Base's notable success, it also faces challenges from bots and fake tokens. In the past season, while Base has grown its user base, it has also successfully resisted the interference of bots and transformed it into real users. Uniswap V2 has become the most active decentralized exchange (DEX) on Base, with up to 80% of Uniswap users moving from Ethereum to Base.

However, as new meme tokens are created, some fraudulent assets have also emerged. Some buyers complained that these tokens were Pixiu plates (they could only be purchased, but not sold), resulting in losses. Base has taken steps to address these issues and works hard to maintain the credibility and security of the platform.

In addition, Base’s native DEX, Aerodrome, has also become another source of platform growth. Aerodrome’s total locked-up volume on Base has reached $566 million, and its transaction volume has repeatedly reached new highs, making it a force that cannot be ignored in the Base ecosystem. 🧧

Source: DefiLlama Aerodrome’s total locked-up volume on Base reaches $566 million

Looking Ahead, Base Continues to Lead the Layer 2 Competition

Although Base has achieved impressive results in just one year, it still faces stiff competition from other Layer 2 chains. However, as it continues to gain market share, Base is expected to continue to stand out from the competition.

In the future, Base will continue to focus on expanding its user base, improving the security and stability of the platform, while promoting the further development of DeFi and Web3. As more applications and users join, Base is expected to maintain its position as one of the most competitive Layer 2 networks without issuing tokens.

The success of Base proves that even without relying on the traditional token economic model, a blockchain platform can achieve great success in the market through innovation and user-oriented strategies. This undoubtedly sets a new benchmark for future blockchain development.