Base Network’s Total Value Locked Doubles to $2B, Driven by Memecoin Speculation
The Ethereum layer-2 network, Base, has experienced a significant surge in total value locked (TVL), doubling its TVL in less than a month to reach $2.13 billion. Base achieved the milestone of $1 billion TVL on February 27, just 226 days after its launch in August. However, it took only 25 days to surpass the $2 billion mark, as reported by data from L2 Beat.
Analysts speculate that memecoins could play a crucial role in driving adoption on the Base network, potentially gaining market share from Solana. Solana experienced a surge in memecoin trading in recent months. However, attention could be shifting to Base, according to some community members.
Solana's memecoin craze was headlined by Dogwifhat (WIF), which achieved an all-time high market cap of $2.84 billion since its launch in December. Additionally, Book of Meme (BOME) and Slerf (SLERF) garnered peak market caps of $1.48 billion and $524 million days after launching on Solana.
Degen (DEGEN), Base God (TYBG) and Brett (BRETT) are some of the prominent memecoins on the Base network with a growing community. However, their market caps are still lower compared to more recent memecoin sensations like WIF and BONK.
Base's prospects are further enhanced by the fact that Coinbase, the crypto exchange behind Base, is developing a native smart contract wallet. This wallet will allow Coinbase's 100 million registered users to seamlessly trade on Base without the need to remember seed phrases or private keys.
