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The Base Blockchain’s ecosystem is seeing strong growth, helped by the strong performance of its decentralised finance (DeFi) and meme coins.
The network has continued climbing the DeFi ecosystem ladder, becoming the seventh-biggest player in the industry. It has over $1.7 billion in total value locked (TVL), making it the 7th biggest chain after Ethereum, Solana, Tron, Binance Chain, Arbitrum, and Blast.
Like Solana, a popular name in the meme coin industry, Base Blockchain has attracted several meme coins. Brett, the biggest meme coin in Base, has attained a market cap of almost $1 billion. This is a remarkable amount for a token that was launched a few months ago.
Degen (DEGEN)’s market cap has jumped to over $270 million while Toshi and Keyboard Cat (KEYCAT) have soared by 65% and 157% in the past seven days. The other top meme coins in the ecosystem are mfercoin, doginme, Mochi, higher, and Boomer.
The rising demand for these meme coins has stirred more activity in Base Blockchain’s meme coins has led to more activity in its Decentralised Exchanges (DEX). Aerodrome Finance’s volume rose to over $13 million in the past 24 hours. Similarly, Uniswap (V3) and V2Base exchanges handled over $161 million and $85 million in the same period.
Other big DEX platforms in Base Blockchain like PancakeSwap, SushiSwap, and BaseSwap have also seen strong demand in the past few months.
This trend resembles the success of Solana, which has become the biggest competitor to Ethereum. Solana’s meme coins like dogwifhat, Bonk, Book of Meme, Popcat, and Cat in a Dogs World (MEW) have gained market share. Subsequently, Solana’s DEX networks like Raydium, Orca, and Jupiter have become the biggest players in the DEX industry.
Base Blockchain’s success is a good thing for Coinbase, which launched the Ethereumlayer-2 network in 2023. It will help it to diversify its revenue by taking a small fee for all transactions in the network. Analysts believe that Base will launch an airdrop for the network in the coming years.
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