Solana

DeFi

Base

Polygon

Avalanche

The crypto bull run seems to be witnessing a halt in mid way as the selling pressure increases. However, Base which is a blockchain launched by Coinbase Global Inc is making huge sounds with its skyrocketing on-chain activity in the digital assets arena. Data reveals the <a href="https://news.todayq.com/meme-coins-are-more-than-just-stupid-arthur-hayes-weighs-in/" rel="noopener noreferrer nofollow">meme coins</a> are the ones that are taking over the Base. Coinbase making noise in DeFi space 
Data provided by the DefiLlama, Base’s total value locked (TVL) has knocked the $1 billion market in a really short time. The blockchain has recorded a jump of 13% surge in the past 7 days, while, it has surged by 124% over the last 1 month. Its TVL now stands at $1.20 billion with 242 protocols running on it.
It is important to note that Coinbase’s Base is now the 7th biggest chain based on TVL. It has managed to beat <a href="https://news.todayq.com/will-avax-be-next-to-flip-xrp-the-gap-is-closing-in/" rel="noopener noreferrer nofollow">Avalanche</a> and Polygon in this race. However, Ethereum is still the biggest chain over this metric with a TVL of more than $50 billion.
Though there is a huge gap between the top and second spot holders, Base might make it to the top 5 tally. Tron is holding the 2nd spot with $9.47 billion despite a drop of 2.7% in the last one month. However, Solana is the other player who is knocking huge gains. Its TVL is up by 83% to stand at $4.83 billion. What’s behind this surge? 
According to reports, traders are flocking to the base to gain exposure to highly speculative meme coins that are mostly unavailable on Coinbase’s exchange. It reveals that ANIME and DEGEN are the most-traded tokens on Base. This shows an increase in enthusiasm for cryptos with high risk trading strategies.
It added that the wallets paying the highest Base transaction fees may belong to trading bots profiting from meme coins. The report mentioned that a Coinbase spokesperson disclosed that it was their mission to make on-chain technology accessible to anyone worldwide. They expect that by offering cheaper on-chain transactions.
Despite any negative attention, Base is reportedly generating an estimated $2 million in daily fees. This directly indicates increased interest and usage. However, the recent software upgrade on Ethereum known as Dencun has contributed to Base’s growth. It has helped them to reduce transaction costs on Layer 2 blockchains. On the market side, meme cryptos had turned out to be the biggest gainers in the first phase of the bull run.

Coinbase’s blockchain hitting high TVL amid crypto turmoil, What’s behind this surge?

Todayq News

Other articles published on Apr 3, 2024

5 Altcoins Poised for Exponential Growth

CONF3RENCE 2024 Unites with BLOCKCHANCE to Create Premier Web3 Event

Spot Ethereum ETF: US SEC Seeks Public Input on Multiple Offerings

‘Asking to get hurt’ – Why Aave founder bashed MakerDAO’s move

Bitcoin Exchange, Which Is Troubled With Lawsuits in the USA, Published Its Latest Reserve Report...

CrowdSwap launches first decentralized crypto ETF bull run dETF

Join our free newsletter for daily crypto updates!