A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
Industry insides believe that the Coinbase-backed network success might catalyze more firms into on-chain development.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Ethereum layer-2 network, Base, has witnessed a remarkable surge in assets locked, soaring by approximately 200% over the last month to over $3 billion, according to L2beat data.
Key contributor Jesse Pollak disclosed that Base hit the $3 billion milestone five days after crossing the $2 billion threshold. Notably, the network took 203 days to reach its first billion mark and just 23 days to touch $2 billion.
Furthermore, on-chain data shows that the increased TVL is matched with an ever-expanding user base. According to the Dune analytics dashboard curated by Watermeloncrypto, Base’s daily active users have surpassed 5 million this week, with the network’s total revenue already exceeding $36 million.
Consequently, industry experts foresee Base’s growth catalyzing the entry of more firms into on-chain development. Ryan Watkins, the founder of Syncracy Capital, said:
“Imagine when Wall Street realizes Coinbase is printing $500M+ in annual revenue from an Ethereum rollup. Base may be the ultimate catalyst that gets enterprises building onchain.”
The network’s exponential growth can be attributed to various factors, including the notable surge in meme coin activities and the advent of innovative products.
There has been a notable surge in memecoins traction on Base recently. Consequently, Base has experienced heightened liquidity and more favorable market sentiment as industry analysts speculated that the assets could spearhead the next adoption phase.
Notably, CryptoSlate reported that Base’s memecoins proliferation briefly spiked its network fees above that of rival layer-2 networks despite the introduction of the Dencun upgrade. To manage this surge, the network adjusted its gas fee target to 3.75 mgas/s, which gave it 50% more capacity.
Moreover, Base has witnessed a surge in crypto developers creating new products on the layer-2 solution, further fostering adoption and usage.
For context, Base recently welcomed one of the pioneer layer-3 networks, Degen, to its ecosystem on March 28. It said:
“L3s are appchains which deliver lightning-fast transactions because they settle on L2s like Base instead of connecting directly to Ethereum. A new onchain internet demands new models for scaling, and L3s utilize the power of L2s in new ways.”
Andrew Forte, the director of business development at Dappd, also highlighted Coinbase’s recent efforts to develop a native smart wallet that does not need seed phrases or private keys for the layer-2 solution. According to him, this wallet could help drive Coinbase’s vast user base to Base.
Coinbase plans to incentivize developers to contribute to the network through grants, allowing them to build freely and rewarding those who positively impact the ecosystem.
Pollak added:
“Gas grants will be upfront, with path to scaling. Builder grants will be primarily retroactive because we’ve observed that creates aligned incentives and a strong builder culture.”
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
The SEC is expected to rule on various applications by May 23.
BlobScriptions are NFT-like assets incribed on the Ethereum blob transactions.
Vitalik Buterin submitted a new proposal that furthers the network’s staking mechanism.
BlackRock’s tokenized fund — the first on a public blockchain — is growing rapidly.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Essential crypto updates and analyses. Straight to your inbox, every day.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
HackaTRON Season 6 welcomes top industry leaders as judges and introduces a record-breaking prize pool to foster blockchain innovation.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2024 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via
source
Source: www.cryptoslate.com
