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Base, the Tokenless Blockchain, Celebrates One Year of Remarkable Growth and Success
Base, the tokenless blockchain created by Coinbase, has experienced remarkable growth and success in the Web3 space. With its first anniversary approaching, it’s time to review some of those figures and accomplishments.
Among the most impressive achievements is the rapid growth of user adoption. The number of registered wallets on Base has risen to 27 million, with the “on-chain summer” campaign helping to fuel this growth. The platform’s low fees, averaging $0.02 per transaction, have allowed users to access the world of DeFi and Web3, making it an easy and effective way to start their journey.
Its focus on reducing entry barriers has clearly caught the attention of users, who are increasingly seeking alternatives to traditional financial systems.
DeFi and Web3 Adoption
Base’s success is closely tied to the increasing popularity of DeFi (Decentralized Finance) and Web3 applications. The platform became a hub for users looking to engage with decentralized finance protocols, decentralized exchanges (DEX), and other Web3 applications.
Currently, the numbers are skyrocketing, with over $20 billion in USDC and $1.44 billion worth of total value locked (TVL) on the platform since launch. The popularity of features like USDCC stablecoin and access to Uniswap DEX has been a significant factor in this growth, particularly due to its users migrating from Ethereum to Base.
This serves as evidence that the platform can attract users from traditional networks, and the success of the Ecosystem Growth.
Influence on the Wider Ecosystem
Base has also influenced the wider ecosystem of Optimism: By now everyone in the chain is now carrying some OP tokens from their own local federation within the broader optimisation (OPM) Mainnet.
This has led to increased activity and liquidity on the Optimism network, which further strengthens Base’s position as a leader in the Web3 space.
Daily Activity and Revenue
The platform also performs well: In August, it reported 730,000 daily active users, more than double the Bitcoin network.
By maintaining user engagement, the platform is demonstrating that it can maintain user satisfaction and improve overall user experience.
Base has generated an impressive $3.39 million in monthly revenues, with 3.6 million daily transactions and 600,000 daily USDC users.
The figures indicate that the platform is becoming more important in the Web3 ecosystem.
Token Performance
AERO tokens have experienced significant growth in value, with their initial trading price of $0.09 now at $4.99.
However, they have decreased to $0.68 by the end of the period, suggesting that they are still a valuable investment for users in both the Base ecosystem and premium gaming.
MIGGLES token sales have also shown promise, trading at $0.43.
Users have been using these tokens to access the DeFi and Web3 features of the platform.
Traffic and Inflows
Additional interesting trends on the site’s traffic include 94% from native bridged token (BBT) usage, and 6% from stablecoins (most USDC).
The platform’s ability to attract users with seamless token bridging solutions is evident.
In terms of inflows, Base has seen significant activity, with $1.11 billion in inflows from Ethereum (ETH) and $1.00 billion from Optimism.
This is consistent with the strong demand for liquidity from established networks.
The most active DEX on Base is now Uniswap V2, with Aerodrome DEY holding $221.5 million in volumes for the WETH/USDC trading pair.
As of its one-year anniversary, Base’s success as a leader in the Web3 space is undeniable due to its tokenless blockchain architecture, low fees, and user-friendly interface.
The future of this innovative project is exciting to watch as it continues to develop and expand.
Learn more about the potential of Base and the Web3 ecosystem in our article: “Base: The Future of Web3”, where we dive deeper into the platform’s features and potential use cases.
