TronWeekly

Crypto World News

You are here: Home / Archives for Base Network

Base Network

BASE Bulls in Pain: 78% Volume Wipeout Rocks Coinbase’s L2

by

  • Base has experienced a 78% decline in on-chain volume since December amid the market downturn.
  • Only a few Base tokens remain profitable for most holders, impacting retail interest.  
  • The question remains if this is a temporary setback or a turning point for the protocol’s growth.

Base, layer-2 scaling solution for Ethereum, became one of the preferred platforms for new retail traders in 2024. As per data, quarterly transactions on the platform reached an all-time high in Q4 ’24. However, the prevailing market downturn has reportedly put considerable stress on the burgeoning ecosystem, raising questions about its resilience and future growth trajectory.  

BASE
BASE Bulls in Pain: 78% Volume Wipeout Rocks Coinbase's L2 2

As per IntoTheBlock’s analysis, the recent market dip has significantly impacted the profitability of holding Base tokens. Currently, only a handful of tokens within the ecosystem boast a majority of holders in profit, creating hurdles for attracting and retaining retail investor interest. This decline in profitability has directly affected on-chain activity and engagement within the L-2 network.

This is further evidenced by the substantial decrease in transaction volumes. On-chain data reveals a dramatic 78% decline in on-chain volume for a representative basket of eight Base assets since December. This sharp drop indicates a reduction in trading activity and lesser participation within the layer-2 ecosystem, signaling a potential cooling of initial enthusiasm.

Base Downturn: Temporary Setback or Turning Point?

The critical question now for Base is whether this downturn represents a temporary setback within the context of broader market fluctuations, or if it signals a more fundamental shift in investor sentiment and a potential turning point for the platform. While its strong initial adoption and Coinbase support provide a solid foundation, its ability to withstand this storm and reignite retail interest will determine its long-term success in the competitive Ethereum Layer-2 landscape.

Built using the OP Stack, Base leverages Optimistic Rollups to process transactions off-chain while relying on Ethereum’s mainnet (Layer 1) for security and final settlement. This design allows it to offer significantly lower transaction fees and faster processing times compared to Ethereum’s mainnet, making it an attractive option for decentralized applications (dApps), decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain-focused innovations.

Unlike some other L2 networks, Base currently does not have its own native token. Instead, transactions on the network are paid for using Ether (ETH), Ethereum’s native cryptocurrency. This decision fits with the platform’s goal of creating a seamless, user-friendly experience that integrates with its existing infrastructure and users of over 100 million customers.

Mochi’s Coinbase Listing: Will It Be Another Toshi Success?

by

  • Mochi, named after Coinbase CEO’s cat, is set for a Coinbase listing.
  • Base, Coinbase’s layer-2, supported Mochi’s development, along with a Coinbase grant.
  • Mochi has shown strong recent gains, similar to Toshi’s $900M post-listing surge.

Mochi, a meme token named after Coinbase CEO Brian Armstrong’s pet cat, is generating significant buzz as it prepares for listing on the Coinbase exchange. The highly anticipated listing has sparked attention within the cryptocurrency community, with many drawing comparisons to Toshi’s trajectory.

Toshi, another base-based meme token hogged the limelight when its market capitalization exceeded $900 million after its Coinbase listing. Lets explore the factors driving such performance.

Base, Coinbase’s layer-2 blockchain, played a key role in the meme coin’s development, providing necessary support and resources. This backing, coupled with the token’s unique connection to Armstrong, has generated considerable interest around Mochi. Furthermore, the project received a grant from Coinbase, further solidifying its ties to the prominent exchange.

Mochi
Mochi's Coinbase Listing: Will It Be Another Toshi Success? 4

On-chain data reveals Mochi’s recent strong performance. In the last 24 hours, it is among the top meme gainers on Base. Price-wise, the cat-themed memecoin, has experienced a significant price surge, in the past 24 hours, reportedly soaring 60% to $0.00002983 accompanied by a dramatic 700% surge in trading volume. Such a surge is characteristic of meme coins, which are often driven by social media trends and speculative trading rather than fundamental value.

Mochi More Than a Meme Coin? DeFi Staking Platform Offers Utility

While often dismissed as purely speculative and frivolous., Mochi’s developers are positioning it as more than just a meme coin. The team emphasize its involvement in decentralized finance (DeFi), highlighting a high annual percentage rate (APR) staking platform as evidence of real utility and potential for long-term value.

This staking mechanism allows users to lock up their tokens to earn rewards, potentially incentivizing long-term holding and contributing to network security. However, the long-term sustainability and actual usage of this DeFi functionality remain to be seen.

Nevertheless, the token’s early rise and its close association with Armstrong’s pet cat adds a layer of cultural relevance and intrigue, potentially driving broader interest and adoption.

While market conditions and other factors can influence a token’s performance, the upcoming Coinbase listing provides increased accessibility and liquidity, potentially attracting a wider range of investors. However, it will also be a crucial test, determining whether Mochi can capitalize on its early momentum and achieve similar success to Toshi.

Venice AI Token Surge: Reaches $1.6B Valuation

by

  • Venice Token hits $1.6B valuation, with 50% tokens for airdrops.
  • Token staking gives users free, continuous access to Venice’s API.
  • Venice AI integrates DeepSeek R-1, offering private AI services.

Venice AI’s Venice Token (VVV) has arrived, making waves in the crypto and AI sectors. The token, valued at $1.6B, focuses on giving users private access to advanced AI tools, reshaping how we think about data privacy in the AI-driven world.

Venice AI Token Hits $1B Valuation after Launch

Venice AI has launched its Venice Token (VVV), achieving an impressive $1.6 billion valuation within hours of its release. The token debuted on January 27, 2025 and captured significant attention from the market. VVV token, which is built on Ethereum’s layer-2 Base network, is designed to provide decentralized access to Venice AI’s services while prioritizing user privacy.

The token’s market cap initially rose to $306 million, with 25 million tokens in circulation. Venice AI’s community-driven approach and strategic airdrops contributed to the rapid growth of the token’s value and user base.

A Commitment to User Privacy and Security

Venice AI aims to offer a privacy-first alternative to centralized AI systems. The platform promises security of user data and encrypted interactions which differentiates it from competitors like DeepSeek, which has faced concerns over user data handling.

Moreover, Venice AI has integrated third-party applications and AI agents into its ecosystem. Its open-source approach and the launch of the DeepSeek R-1 model, is expected to disrupt the AI landscape. This model provides private, uncensored generative content, such as text, images and code.

Erik Voorhees, the founder of Venice AI, previously gained recognition as a Bitcoin advocate and the co-founder of ShapeShift. Voorhees aims to decentralize AI access through Venice AI as well as improve security and privacy of user data. The platform’s user base now exceeds 450,000 registered members due to its commitment to transparency and user empowermen

VVV Tokenomics and Community-Driven Approach

The Venice Token offers holders access to exclusive AI services in the ecosystem. Users can stake their tokens to gain free and continuous access to Venice’s API. This staking model supports user participation and rewards them with API access based on their token holdings.

The Venice Token’s market debut attracted more than 13,000 holders within a few days, showing strong interest. The token distribution strategy involves community engagement through airdrops and allocations to key protocol accounts on the Base blockchain. Venice AI has set aside 25 million tokens for its community, while another 25 million are allocated to Base users and strategic partners.

As the platform continues to expand, the platform plans to release 14 million tokens annually. This ongoing token release is designed to meet the demand in the dynamic ecosystem.

Base Network Transactions Skyrocket, Setting New Records

by

Famous cryptocurrency journalist Colin Wu via his platform Wu Blockchain X has revealed stunning statistics of the Base network’s performance on March 29. Activity on the day was unprecedented, with transactions soaring to an incredible 2.275 million, a record for the network. This surge in transaction volume was paralleled by a major increases in decentralized exchange (DEX) activity that amounted to $730 million.

The Base network which is characterized by its strong infrastructure and decentralized power has become a center in the blockchain ecosystem especially in the DeFi area. The increasing volume of transactions and DEX activity underlines the growing role of the network as the facilitator of secure and cost-effective digital transactions.

Base Network’s Stablecoin Market Skyrockets,

The market value of stablecoins operating within the Base network has been one of the most spectacular results of this spike. On March 29, the market of these stablecoins increased by an unbelievable 55%, reaching $1.1 billion. Such significant growth shows the increasing trust and reliance on Base’s stablecoin infrastructure in the digital transactions.

In addition, the Base network had an enormous number of active users of 383,000 on that day. This wave of user activity signifies the second highest amount of active users in the history of the network, highlighting the growing adoption and use of decentralized platforms among cryptocurrency enthusiasts and investors.

These drop-dead numbers offer some deep thought and emphasize the increasing role of decentralized platforms such as Base in the fast-changing digital finance environment. Traditional financial systems are being increasingly scrutinized and limited, so decentralized platforms are becoming an attractive alternative for conducting safe and quick transactions.

Additionally, the fact that Base acts as a safety net that facilitates such a huge amount of transactions and maintaining tranquility, as well confidentiality, serves to further strengthen its status as a vanguard blockchain network. Base is special in the decentralization system because it is stable and easily scalable producing a high-performance system.

The surge of transactions along with the robust growth of stablecoin market value and active user counts, makes Base network a prominent participant in the blockchain ecosystem. In the ongoing embrace of decentralized finance by the world, platforms like Base will have a profound impact on what the digital transactions and financial services of the future are going to look like.

Coinbase’s 2023: A Year Of Growth, $1B in Earnings

by

Coinbase Global, Inc. today announced the publication of its shareholder letter for the fourth quarter and full year. The letter underlines that 2023 was a very important year for the company since they showed strong financial results that were registered, launched many product innovations, and generally devoted to regulatory clarity within the cryptocurrency space, mostly in the United States.

Throughout the year, the company demonstrated the aforementioned operational excellence, which resulted in a net income of $95 million for the full year and positive Adjusted EBITDA in all four quarters totaling almost $1 billion. The company’s diversification of revenue streams in subscription and services revenue of $1.4 billion attributed to a total revenue base of $3.1 billion by the close of 2023. Also, taking into account the balance sheet of Coinbase, it held total USD resources at $5.7 billion and managed to decrease total debt by 12% in a year, which overall shows healthy financials.

image 70

On the innovation side of products, the company speeded its product velocity and launched new offerings, including Coinbase International Exchange, derivative products through Coinbase Financial Markets, Base, a layer-2 network that is designed to improve the transaction speed and reduce the cost. Additionally, the company expanded its operations globally, obtaining licenses or registrations in six new markets.

Coinbase Strategic Priorities for 2024

Looking to 2024, Coinbase has put forward three key areas in which it will focus. First, driving up revenue is through improved core trading capabilities and increased utility of USDC. Lastly, it will work on the possibility of crypto usage in payments using USDC and Base. Lastly, the company will always keep on fighting for regulatory clarity within the industry.

Challenges in the United States, however, remain despite advances worldwide in regulatory clarity. Coinbase has supported legislative efforts and initiatives to enhance crypto-friendly policies alongside other industry participants.

For example, it contributed to Fairshake Super PAC and also helped found Stand With Crypto—a grassroots movement pushing for pro-crypto policies. Another source of regulatory clarity comes from the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). Though uncertain, yet the company is determined to get a positive ruling.

image 71

Base Network Maintains TVL Growth Amid Moderating Pace

by

In a recent development, Base Network, an initiative fostered under the wing of Coinbase, is showcasing consistent progress, albeit at a moderated pace following its initial surge at launch. As of the latest data provided by L2Beat, Base’s Total Value Locked (TVL) currently hovers around $735 million, marking a 4% upturn in the past week.

Since its official launch in August 2023, the Total Value Locked (TVL) within Base Network, a pivotal metric reflecting the aggregate value held within the network, has witnessed a remarkable surge. This surge propelled the TVL significantly from the reported $592 million close to November.

Operating on the Optimistic Rollup framework to accommodate an extensive array of decentralized applications, the network boasts a daily transaction speed (TPS) of 3.45, facilitating over 6.97 million transactions executed over the preceding 30 days.

cFQ90uFVhfFDpXM5QlRfWELbNpOOcdy FjF6ybzBD7rRvFtwQ8WsCg4DemFjemt FDT4HbZ1u33NIUriIZRNrobpbBYSvjOoF

Base Network’s Bridging Milestone

Furthermore, Base has achieved a milestone by facilitating the bridging of a total value that surpasses $600 million. This figure underscores the substantial value of assets transitioned across diverse networks or blockchains through its bridging services.

Per DUNE analytics, user involvement on Base has exhibited consistent growth, escalating beyond 2.5 million cumulative users by November 1 and surpassing the 3 million mark by December 22. Daily active users have shown substantial growth, from the launch phase to over 70,000 users for most of November and December.

6IVrJ6 7eq8 8SjL8dBiBfifMVV2YFHBjgK6NpmTy5e8JYcQ3MS9u 2MJpArOLgFJLhUfRDqEfYuhFMs xDEAMrar2KA6drIeikwh1utvu46JTDmsumCgxI 39tkwePzOEa8Vi 3oTQecPOrbesiDMw

Despite its upward trajectory, Base Network encountered significant challenges, ranging from instances of scam tokens to a substantial outage. Notably, on September 5, Base experienced a 43-minute outage, approximately a month post-launch.

Comparatively, against its industry peers, Base growth remains noteworthy. Competing against industry giants like Arbitrum One, boasting a TVL of $8.70 billion, and OP Mainnet, with a TVL of $5.73 billion, Base exhibits commendable progress.

While the network’s growth trajectory appears to stabilize, fluctuations in its Total Value Locked might be attributed to its novelty, the limited array of available DeFi protocols, and initial hurdles with scam tokens and fraudulent activities.

However, the rapid surge in the number of users, transaction volumes, and daily engagement is a robust indicator of sustained interest and promising growth potential for Base Network within the expansive realm of decentralized finance (DeFi).

Coinbase Launch SEAM: The First Base Native Token in Town

by

Coinbase, a premier cryptocurrency platform, has officially announced the upcoming launch of the Seamless Protocol governance token, SEAM. Notably, SEAM is set to become the inaugural and exclusive Base Native project token available for trading on the exchange. At the same time, Seamless Protocol, the brains behind the innovative Base lending protocol, revealed plans for a generous airdrop of 400,000 SEAM tokens. Eligible recipients can anticipate receiving their SEAM tokens within a three-month timeframe.

Coinbase will add support for Seamless [SEAM] on the Base network [ERC-20 token]. Do not send this asset over other networks, or your funds may be lost. Transfers for this asset are available on Coinbase in the regions where trading is supported.

As per the official announcement, trading for SEAM is scheduled to kick off on or after 1 PM ET on December 11, 2023, upon meeting liquidity conditions. Once an ample supply of SEAM is established, Coinbase will initiate trading on SEAM-USD pairs in a phased manner. It’s important to note that SEAM support may be subject to restrictions in certain jurisdictions where Coinbase operates.

Coinbase

For those eager to engage with SEAM on the Base network, the ERC-20 token contract address is 0x1C7a460413dD4e964f96D8dFC56E7223cE88CD85. This announcement marks a significant development in the cryptocurrency space as Coinbase expands its offerings to include the pioneering SEAM token, providing users with a new avenue for participation in the evolving crypto landscape.

Coinbase Stocks Drop

Meanwhile, the crypto market experienced a significant retracement, triggering a “flash crash” in both Bitcoin and various altcoins. This sudden downturn has raised concerns about the possibility of an impending bear market. The overnight decline in BTC’s value also led to a substantial decrease in the stock prices of major companies associated with cryptocurrencies. For instance, MicroStrategy [MSTR], which holds nearly 175,000 BTC in its treasury, witnessed a 6% decrease, while the shares of the crypto exchange Coinbase [COIN] dropped by over 5%.

Bitcoin mining companies listed on the Nasdaq, including Marathon Digital Holdings [MARA], Riot Platforms [RIOT], Hut 8 [HUT], and CleanSpark [CLSK], experienced even more significant losses ranging from 10% to 15% during late-morning Monday trading. Despite the cautious optimism among investors, some entities’ shares have more than doubled since the beginning of the year, driven by the crypto market’s rally, decreasing interest rates, and heightened expectations for potential regulatory approval of a spot bitcoin exchange-traded fund [ETF] in the United States.

Base Network Sets New Standard with Record-Breaking On-Chain Activity

by

In a turn of events reverberating across the crypto sphere, Base Network witnessed an astonishing surge in on-chain activity. Esteemed blockchain analytics firm IntoTheBlock has meticulously dissected the network’s metrics, unearthing intriguing revelations.

In a recent tweet from a notable crypto and blockchain community figure, IntoTheBlock highlighted the remarkable surge in on-chain metrics within Base Network. This surge encompasses a notable spike in daily transactions, a decrease in transaction sizes, and an impressively high active addresses ratio.

The most arresting revelation comes from an exponential spike in daily transactions. Starting at a 7-day average of 702,000, the network swiftly catapulted to an astronomical 1.88 million daily transactions. This surge signifies an unparalleled level of engagement within the Network, setting a new benchmark for blockchain networks.

Base Network’s Remarkable Growth Metrics

A pivotal discovery lies in the diminishing average transaction size. This development signifies an emergent trend of retail adoption and heightened smart contract interactions, symbolic of the network’s adaptability and user-centric approach.

Arguably, the most astounding statistic comes from the 30-day average active addresses ratio, boasting an impressive 64.50%. This figure starkly contrasts other Layer 2 solutions like Arbitrum (approximately 2%) and Optimism (4.5%), underscoring Base Network’s burgeoning prominence in the crypto landscape.

Investors and enthusiasts are now keeping a vigilant eye on Base Network’s growth trajectory, with rapt attention on its potential to disrupt the established order in the blockchain arena. The crypto world now fixates on this rising star, eagerly anticipating its next moves.

The Base Network’s extraordinary surge in daily transactions, with shrinking transaction sizes and an impressive active addresses ratio, validates its rapid ascent and affirms its growing significance in the crypto sphere. These trends point to a flourishing ecosystem, alluring retail users and developers alike. As Base Network continues its evolution, it remains a lodestar for crypto enthusiasts and investors seeking promising prospects in the blockchain realm.

Related Reading:| Friend.tech Phenomenon Elevates Base Network Activity Beyond Arbitrum and Optimism Levels

Coinbase’s Base Layer-2 Network Experiences Temporary Outage

by

Coinbase’s Ethereum Layer-2 network, Base, experienced a temporary outage recently, shedding light on the complexities and challenges inherent in the world of blockchain technology. Lasting half an hour, with an additional 30 minutes for resolution, the incident was described as a “Base chain stall” by the development team. Despite this setback, it’s important to note that no user funds were at risk during this outage, providing a crucial reassurance to the community.

The root cause of the disruption was attributed to internal infrastructure issues, necessitating a refresh. Although the problem was swiftly identified and resolved, it took some time for Base to fully recover. While “widespread recovery” was achieved relatively quickly, a lingering issue with remote procedure calls (RPCs) prolonged the issuance of an all-clear report.

This incident served as a reminder of the fundamental distinction between Ethereum Layer-2 solutions like Base and the Ethereum mainnet. Matt Willemsen, the head of research at Collective Shift, highlighted the crucial point that Ethereum Layer-2 solutions, while promising, should not be seen as identical to the battle-tested Ethereum mainnet. It’s essential for users to understand the nuances and differences between these platforms, particularly when it comes to trust assumptions.

Base’s Remarkable Growth in Coinbase’s Ecosystem

Base, created by cryptocurrency exchange giant Coinbase, is a relatively new addition to the Ethereum Layer-2 ecosystem. Despite its youth, it has experienced remarkable growth, even surpassing Ethereum’s daily transaction volumes at times. DeFi Llama data reports that Base has generated approximately $6 million in protocol fees, largely driven by its appeal to the meme coin community.

In recent developments, Base has expanded its offerings by natively supporting USDC and integrating with platforms like Ledger Live and PancakeSwap. Furthermore, it has forged partnerships with well-established entities like Chainlink and Aragon, as well as various consumer brands. These moves indicate Coinbase’s commitment to establishing Base as a significant player in the Layer-2 ecosystem.

While the outage incident may raise concerns, it’s important to remember that even the most established blockchain solutions have experienced technical hiccups. Solana, for instance, has had its share of challenges, elevating blockchain outages to meme status. In the rapidly evolving world of blockchain technology, occasional disruptions are par for the course as the ecosystem continues to mature.

In conclusion, Coinbase’s Base Layer-2 network, while relatively young, has shown substantial promise and growth. The recent outage serves as a reminder of the importance of understanding the distinctions between different blockchain solutions. As the cryptocurrency landscape evolves, Coinbase’s commitment to improving and strengthening Base should provide users with confidence in its long-term viability.

Ethereum Advocate Stirs Controversy, Takes A Swipe At Cardano

by

The rivalry between Ethereum and Cardano supporters is no secret, as passionate communities on these two blockchain platforms consistently engage in playful banter. Recent attention has shifted towards the prominent Proof of Stake blockchain, especially following the impressive performance of its newly launched Layer-2 Base, which outshone Cardano in terms of Total Value Locked [TVL].

Evan Van Ness, a central figure in this discourse, took the opportunity to provoke Cardano enthusiasts with a tweet. He stated that a new and nascent Base had already surpassed its larger rival in mere weeks of its launch.

With a tinge of scorn, Van Ness labeled Cardano a “zombie chain,” referencing DeFiLlama data that ranked the layer-1 blockchain a modest 14th with $163.55 million, while Ethereum stood far ahead at $21.604 billion TVL. Meanwhile, the Layer-2 network commanded an impressive $193.56 million, enjoying a $30 million lead. 

Base Outpace Ethereum In TPS

Not only that, a remarkable feat was the record-breaking average of 15.88 transactions per second [TPS] achieved within the last 24 hours, propelling Base above Ethereum and bigger Layer 2 competitors like Arbitrum and Optimism, according to analysis by L2Beat.

Coinbase’s brainchild, Base, introduced earlier this year in collaboration with Optimism, operates as an Ethereum L2 chain. Positioned atop the Ethereum blockchain, Base and similar Layer 2 networks are designed to enhance scalability, expedite transactions, and lower gas fees, all while maintaining security and decentralization.

In contrast, Cardano’s moniker “ghost chain” isn’t new—a term used to describe blockchains with minimal activity. The narrative resurfaced again in early August, when non-fungible token [NFT] sales on Cardano experienced a decline. Responding in his trademark fashion, Cardano founder Charles Hoskinson swiftly countered the claim with a cartoon gif of a person dancing and impersonating a ghost while covered with a white sheet with the comment “Ghostchain gonna Ghost.”

He also shared a tweet from user TapTools, presenting a case against the “ghost chain” characterization on August 1st. As of now, Hoskinson has not yet reacted to Ness’ tweets. It will be intriguing to observe how he addresses this situation in his response this time around.