TVL exceeds $3.85 billion, Clanker triggers Layer2 wealth effect

When we talk about the future of blockchain, few people can foresee the stunning rise of the Base ecosystem. In just a few months, Base has leapt from a relatively unfamiliar Layer 2 project to the leader of the Ethereum compatible ecosystem, with a total locked value (TVL) exceeding US$3.85 billion, surpassing Arbitrum and Optimism, becoming a new giant in the most competitive Layer 2 market. Behind this achievement, it is not only a reflection of technological breakthroughs, but also an amazing reaction to capital flows - Base's capital inflow has surpassed Solana in November 2024, becoming one of the hottest wealth tracks in the blockchain field.

How will this Layer 2 revolution led by Base change the entire Ethereum ecosystem? Next, let us analyze the strong performance of the Base ecosystem, the innovative power behind it, and how it stands out from the fierce competition and becomes the core engine of the future blockchain world.

Base TVL explosion and capital inflow

The flow of funds in the Base ecosystem is very eye-catching. As of press time, Base's total locked value (TVL) has exceeded $3.852 billion, successfully leading its largest competitor Arbitrum by as much as $1.3 billion. This amazing achievement not only highlights Base's strong competitiveness in the Layer 2 ecosystem, but also shows that Base's ecosystem is rapidly attracting capital inflows.

More notably, Base’s net capital flow in November 2024 has surpassed Solana, further highlighting its unique position in the blockchain industry. This burst of capital inflows reflects the market’s high recognition of the Base ecosystem, and also shows that Base, as an Ethereum-compatible Layer 2 solution, has successfully solved the performance bottleneck of the Ethereum main chain and won the favor of a large number of project parties and users.

Transaction volume surges: Proof of practical application of the Base ecosystem

Base's funding growth is not accidental, it is closely related to the surge in platform transaction volume. Recently, the transaction volume of the Base network has soared to an all-time high, almost breaking the threshold of 10 million transactions. On November 26, 2024, the Base network's single-day transaction volume set a record of 9.32 million transactions, showing the strong activity and market demand of the platform.

At the same time, Base's on-chain transaction volume has also seen a blowout growth. In the past 24 hours alone, Base's on-chain transaction volume has reached a peak of $1.85 billion. In particular, on November 13, 2024, the Base network's daily transaction volume once exceeded $2.16 billion, setting a new record in the platform's history. This achievement is particularly noteworthy because compared to the beginning of 2024, when the average daily transaction volume of the second-layer network was less than $100 million, Base's achievement undoubtedly demonstrates its leapfrog development in a short period of time.

Base's revenue and future challenges

Although Base has performed strongly in terms of trading volume and capital flows, it still faces certain challenges in terms of revenue. Base's daily base earnings have grown significantly, just climbing to a five-month high of $610,940. However, there is still a certain gap compared with the single-day revenue of US$3.34 million set in March 2024. Part of this difference comes from ETH price fluctuations - in March 2024, the price of ETH exceeded $4,000, and the on-chain activities at this time were naturally more active.

Even so, the latest performance of the Base ecosystem is still exciting. With the increasing usage and adoption rates in November 2024, Base has obviously achieved its expected goals and leapt to a leading position in the Ethereum Layer 2 ecosystem. However, future competition cannot be underestimated. With the rise of emerging competitors, whether Base can maintain its leading edge will depend on its continued efforts in technological innovation, market appeal, and ecosystem construction.

Innovative projects on Base: Clanker and the rise of MEME coin

Another highlight of the Base ecosystem is the series of innovative projects that have emerged on its platform, especially the breakthrough applications in the fields of MEME coins and AI. As the Base ecosystem gradually emerges, many emerging projects have begun to gain vitality in this ecosystem, especially Clanker, an innovative AI coin issuance platform, which has become a hot topic recently.

This one-click coin issuance platform based on the Farcaster network has reshaped the issuance and dissemination model of Meme coins in a very disruptive way. Clanker's core innovation lies in its "one-click coin issuance" function realized by AI Agent. Users only need to post a Farcaster tweet to complete the entire process from token naming to deployment. This simple and fast model not only lowers the threshold for participation, but also greatly increases users' enthusiasm for participation.

Once Clanker's token, CLANKER, was launched, it quickly became the focus of the market. In just over ten days, CLANKER's market value soared to $133 million, and the price of a single token soared from $0.0025 to $133, an increase of more than 1,000 times. This phenomenal performance highlights Clanker's core position in the Base ecosystem and its huge appeal to the market.

In addition, Clanker does not simply copy the model of other Meme coin platforms such as pump.fun, but adds more technological attributes and fun to the "one-click coin issuance" by introducing AI Agent technology empowerment.

For example, Clanker would publish anthropomorphic and interesting speeches in response to users' speculative frenzy, showing a high degree of interactivity and community. This "posting is issuing coins" model not only innovatively reduces the issuance cost of Meme coins, but also injects strong social vitality into the Base ecosystem.

Clanker Platform’s Road to Success: Successful Tokens and Innovative Projects

On the Clanker platform, with the rapid emergence of Meme coin projects, some breakout players have emerged, and they have accumulated significant market value and user attention in a short period of time. As of November 27, 2024, the number of Meme coins released in the Clanker system has exceeded 4,258, and the protocol revenue has reached US$7.16 million in less than three weeks.

This achievement not only attracted the attention of the Farcaster ecosystem, but also triggered heated discussions among industry insiders.

Farcaster co-founder Dan Romero said on social media that Clanker’s trading volume has reached about 15% of pump.fun’s level in the Solana ecosystem, suggesting that it may become a strong competitor to similar platforms in the future.

Bankless co-founder Ryan Sean Adams also mentioned that Clanker’s performance in the social media arena may even bring a Meme coin craze to the Ethereum ecosystem.

Currently, the most successful Meme coins in the Clanker system include CLANKER, LUM and ANON, which represent different features and innovations on the platform.

As the official token of the platform, CLANKER token has received the greatest attention and support. Its current market value is 133 million US dollars and it continues to attract a large number of users.

LUM is a meme coin launched by Clanker in cooperation with the AI ​​Agent of Farcaster ecosystem. With its special background and innovation, its market value once exceeded 80 million US dollars. As of press time, its market value is 44.5 million US dollars.

ANON is a meme coin that combines privacy protection with celebrity effect. It has received public support from Ethereum co-founder Vitalik and Base protocol head Jesse Pollak, causing its market value to quickly exceed US$40 million.

In addition to these mainstream breakout tokens, there are many other small-cap Meme coin projects on the Clanker platform, such as BLONDE, 33 BITS, and BUG. These projects have gradually attracted the attention of users with their unique community background and fun. BLONDE, as a female-themed Meme coin, has been vigorously promoted by Clanker officials.

CONSENT was released by Dan Finlay, co-founder of MetaMask, and combines the elements of Meme coin and privacy protection. These projects undoubtedly bring more innovative power and potential to the Base ecosystem.

Base's competitive advantages: advantages in technology, market and ecology

Base's ability to achieve such remarkable achievements in a short period of time is inseparable from its technical advantages and market support.

First of all, as a Rollup network based on Optimism, Base takes advantage of Optimism's technical advantages to provide efficient transaction settlement capabilities and low transaction fees. This enables Base to compete with other Layer 2 networks technically, and with its compatibility with the Ethereum mainnet, it can quickly attract capital inflows on Ethereum.

Secondly, as a Layer 2 solution launched by Coinbase, Base has strong market support behind it. Coinbase is not only one of the world's largest cryptocurrency exchanges, but also has a huge user base and brand influence around the world. Coinbase's market resources provide Base with huge promotion and financial support, enabling Base to quickly gain a place in the fiercely competitive blockchain market.

In addition, Base's ecological construction also provides it with a unique competitive advantage. Base has not only attracted traditional crypto applications such as DeFi and NFT, but also successfully attracted emerging projects such as MEME coins and AI. Base's low threshold, high efficiency and innovative mechanism provide an ideal landing platform for these emerging projects, allowing the Base ecosystem to continue to expand and attract more and more developers and users.

The rise of Base ecology will lead to the recovery of ETH

The recovery of ETH has also added momentum to the Base ecosystem. As of press time, Ethereum is priced at $3,564, up 7% in the past 24 hours, and in the past seven trading days, the ETH/BTC ratio has rebounded from a low of 0.0318 to the current 0.0372.

It is particularly noteworthy that although Bitcoin has pulled back nearly 9,000 points during this period, Ethereum has remained strong, showing its solid performance relative to Bitcoin.

Alongside Solana’s integrated casino model, Base shows promise as a cutting-edge EVM-compatible ecosystem.

I always believe that ETH is still the center of the digital asset world, and the success of all derivative projects is inseparable from two core conditions: first, the "underlying" currency must perform better than its competitors, and second, it must be "scarce."

Therefore, investors’ choices are largely made based on the merits of the coins, and various communities will continue to discuss which coins or platforms may stand out in the coming weeks.

Judging from the current market situation, Base's unique organizational structure provides great potential for its future development, although its success also depends on the recovery of ETH. Considering that the exchange rate of ETH has been undervalued-if the relative value of BTC, ETH and SOL changes in the next few weeks, Base may become a key platform to attract wealth inflow.

Memecoin often brings unexpected returns at a low market value stage, and on-chain activities often burst suddenly around major events.

According to market trends, on-chain activity will show strong growth momentum in the coming weeks, and the performance of major assets supports this prediction.

Currently, BTC buying is mainly driven by spot trading, and the open interest (OI) of ETH and BTC has returned to pre-election levels. The reason for the increase in funding rates is more due to the absence of shorts rather than excessive leverage. Based on this market situation, on-chain activities are expected to become the main venue for capital flows.

In the past week, capital flows have not only appeared in mainstream assets such as BTC, but also low-cap currencies such as DOGE have attracted a lot of attention, indicating that market participants are willing to take risks and use leverage to trade around the clock. This behavior is somewhat similar to BTC's rise in October.

The current market dislocation phenomenon shows that it will take time for funds to determine whether these inflows are rational or speculative. It is expected that in the next few weeks, projects that can fluctuate significantly will usher in market repricing, and the potential shown by Base in this market environment cannot be ignored.

Ending: The rise of Base, the future is promising

The explosion of Base is not only a technological breakthrough, but also a true reflection of the market's desire for innovation. From capital inflow to the surge in transaction volume, its rise shows the infinite possibilities of the blockchain industry. With the emergence of innovative projects such as Clanker, Base is becoming the core of Layer 2, attracting the attention of developers and investors.

However, whether Base can continue to maintain this advantage is still a question worth paying attention to. Facing fierce competition, its future is full of challenges, but it is also more exciting because of this. Perhaps, in the near future, Base will become the center of the entire blockchain industry, and early participants may usher in the biggest dividends of this wave of innovation.

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