Coinbase’s Base L2 Market Share in NFT and DeFi Continues to Grow

Coinbase’s Base, the layer-2 blockchain solution, has been gaining impressive traction across various sectors, particularly in decentralized finance (DeFi) and non-fungible tokens (NFTs). Initially launched as part of Coinbase’s broader efforts to enhance the scalability of Ethereum, Base has quickly emerged as a dominant player in the layer-2 ecosystem. According to recent data from DeFi Llama, Base has now become the largest layer-2 network, surpassing other popular platforms in terms of decentralized application (dApp) adoption and transaction volume.

Base’s DeFi ecosystem is growing rapidly, with 410 decentralized applications (dApps) operating within its network. Notable DeFi protocols in Base’s ecosystem include well-known projects such as Aerodrome, Uniswap, Morpho Blue, and Moonwell, among others. These platforms contribute to Base’s outstanding transaction volume, with the network’s dApps collectively handling a total of $264 billion in transaction volume since its inception. Over the last seven days alone, this figure surged to $12.2 billion, showcasing the growing demand for DeFi solutions on the network. Base’s rise to the top of the DeFi sector can be attributed to its robust scalability, lower transaction costs, and the strong community of developers building on the network.

The growth of Base has also been significantly fueled by the burgeoning meme coin ecosystem. Meme coins such as Brett, Akuma Inu, Toshi, and Degen have gained considerable popularity within the Base network, propelling its market cap to more than $2.6 billion. As meme coins continue to draw attention in the crypto space, their adoption on Base has further contributed to the network’s growth and success. The growing meme coin presence within Base is indicative of the network’s capacity to serve as a versatile platform catering to various sectors of the crypto market, from DeFi to meme coins and more.

In addition to its achievements in the DeFi and meme coin sectors, Base has made a significant mark in the NFT space. According to recent figures, Base’s NFT sales surged by 45% in the past week, reaching an impressive $8.3 million. The number of buyers on the network also rose by 128%, with over 15,000 new users joining the Base NFT marketplace. These numbers are indicative of the platform’s growing popularity in the NFT sector, which has seen tremendous growth in recent years. Base’s ability to handle NFT transactions efficiently, combined with its low fees and high scalability, positions it as a major competitor to other NFT networks.

Data from DappRadar further reinforces Base’s rapid growth. In the past 30 days, Base processed nearly 40 million transactions, a staggering figure that far surpasses competitors like Arbitrum and Polygon, which recorded 6.21 million and 29.3 million transactions, respectively. Base’s transaction volume and user adoption are also reflected in its unique active wallets. With 15 million unique active wallets on the network, Base has significantly outpaced Arbitrum and Polygon, which had 1.12 million and 3.69 million unique active wallets, respectively. These metrics demonstrate that Base is not only scaling rapidly but also fostering a strong user base, which is essential for the long-term success of any blockchain platform.

Moreover, Base’s expansion into new industries such as artificial intelligence (AI) and gaming indicates that the network is diversifying its offerings beyond DeFi and NFTs. As more developers build innovative dApps in these sectors, Base’s ecosystem is likely to grow even further, attracting new users and businesses. The network’s strong technical foundation, combined with Coinbase’s backing, provides it with the necessary resources to continue expanding and attracting users across various industries.

Given its remarkable growth and its increasing prominence in the blockchain space, Base is now positioned for a potential valuation boost, especially if Coinbase decides to launch an airdrop. If such an event were to take place, it could draw even more attention to the network, further fueling its expansion. The airdrop could provide early users and holders with the opportunity to benefit from Base’s growth, similar to how Arbitrum and Optimism experienced significant increases in value after their respective airdrops. Based on current metrics, Base’s fully diluted valuation (FDV) could easily surpass $7 billion, putting it on par with leading layer-2 networks like Arbitrum and Polygon. Given Coinbase’s widespread influence in the crypto space, Base’s potential for growth is significant.

Additionally, Coinbase’s 2025 roadmap suggests that the platform will focus more on decentralization, which could lead to greater community involvement in the decision-making processes. This decentralized shift could further enhance Base’s appeal and attract a larger number of developers, users, and investors. If Coinbase opens up governance to the community, it would further solidify Base’s position as a decentralized layer-2 platform, offering users more control over the network’s future.

In conclusion, Base’s success in both DeFi and NFT sectors, combined with its growing presence in the broader blockchain ecosystem, highlights its potential as a leading blockchain solution. As the network continues to scale and innovate, its market cap is likely to rise, and if Coinbase follows through with a potential airdrop in 2025, Base’s valuation could soar. With its expanding ecosystem, impressive transaction volume, and increasing user base, Base is on track to become one of the most influential layer-2 solutions in the crypto space.