Coinbase’s Ethereum Layer 2 Network Base Surges in Activity
Coinbase’s Ethereum Layer 2 network Base recently hinted at a native token for the first time since its launch in 2023, causing a surge in activity as users scramble to qualify for the upcoming airdrop.
The network’s total value locked (TVL) hit a new record of $5.1 billion in early September, with weekly transactions surpassing 90 million for the first time, marking a 10% increase from the previous peak of 81 million at the end of December. This spike in activity is largely attributed to the AI Agent craze.
Base TVL and Transactions – DeFiLlama
Despite the rise in total transactions, the number of active addresses on the network is dwindling, suggesting that existing Base users are ramping up their engagement on the platform rather than attracting new capital.
Rumors on social media speculate that creators who have launched protocols or creator coins stand to gain the most from the upcoming Base airdrop.
Influencer and trader IcoBeast expressed on X, “The Base airdrop will be significant, but many will likely miss out by not understanding the criteria for eligibility. The Base team has been clear about rewarding creators and builders.” This sentiment was echoed by Base founder Jesse Pollak, who emphasized the importance of building, creating, trading, and onboarding people to benefit from the evolving global economy.
Despite the focus on rewarding creators, decentralized exchange (DEX) volumes on Zora, the creator coin platform, have dipped to their lowest levels since July, recording only $6.26 million in trading volume between September 15 and 21, following a peak of $54 million in weekly volume in July.
Zora DEX Volume – DeFiLlama