The following content is released by JuCoin Labs Crypto Research Institute:
After Trump took office, the compliance expectations of Base chain have also increased, making it more attractive in terms of capital inflow. Backed by Coinbase, Base has become one of the main compliant public chains in the United States. Recently, after creating the Base fund, Coinbase Ventures has also launched the Base Ecosystem Group program with the well-known private equity institution Echo, which will provide further support for Base chain's ecosystem and technology.
According to Artemis data, Base chain is also the main chain for Ethereum Layer 2 capital inflow, with its TVL ranking first among Ethereum Layer 2. The Base chain's official team has also been deeply cultivating from a technical perspective, and its developers have not decreased even in the current bear market environment. Token Terminal data shows that over 5,000 contracts have been deployed on the Base chain in the past month. In this context, Base is seen by the community as one of the most promising public chains after Solana and BNB Chain, and its ecosystem projects have become a focus for investors. We will analyze the on-chain data and recent noteworthy projects of the Base public chain below.
I. On-chain Data
Total TVL: According to defillama data, the Base chain's TVL has shown significant growth since October 2024. It has grown from about $1.5 billion to currently around $2.69 billion, an increase of 79.33%.
Total Addresses: The Base chain's total number of addresses shows a curved growth trend. Since January this year, it has grown from 90 million to 140 million, an increase of over 55.5%.
Total Revenue: The Base chain's revenue is overall on an upward trend. In January 2025, the Base chain's revenue was about $100 million, and up to now, the Base chain's revenue is about $130 million, with a total on-chain revenue increase of about 30% in the past three months.
II. Projects Worth Noting
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III. Summary
1. Base Chain's Strong Growth Momentum
As the leading Layer 2 of Ethereum, Base chain has performed excellently in on-chain data. Even in the current bear market environment, Base chain's active user numbers and developer ecosystem continue to grow. This is due to its efficient scalability and low-cost characteristics. Base chain is becoming an important infrastructure for multiple tracks such as DeFi, Non-Fungible Token, and social applications, attracting more and more projects and users.
2. Dual Driving Forces of Policy and Capital
Base chain is backed by Coinbase, one of the world's largest compliant crypto trading platforms. With Trump's potential return to power, the market generally expects the U.S. government to adopt a more open attitude towards cryptocurrencies, and the regulatory and compliance environment for the crypto industry is expected to improve. Under the joint promotion of policies and capital, as a native U.S. public chain, Base will have greater development space.
3. On-chain Opportunities for Base
From Coinbase's recent token listing plans, it has increased support for the Base ecosystem, such as the recently listed $DOGINME project. This market environment also gives Base ecosystem projects great confidence. Some projects with strong community foundations but lower market capitalization may become value traps. With the continuous development of Base chain, the growth potential of these early projects is worth focusing on and may bring significant investment opportunities.
