Amid Base gaining traction thanks to the memecoin craze , Airdrop from several projects in the ecosystem, and Coinbase 's first-quarter earnings report, the TVL of the low-cost Ethereum Layer-2 (L2) network increased by 104 million USD in 4 days, from May 1 (1.37 billion USD) to May 4 (1.483 billion USD).
The increase in TVL shows that more assets are being deposited and locked into the DeFi protocol, signifying increased user participation and trust in the platform. It could also see increased liquidation and volume in the protocol, which could potentially lead to higher profits for users and a stronger ecosystem overall.
Source: Defillama
According to Coinbase's Q1 earnings report published on May 2, the Base platform continues to show huge potential and could make Coinbase an even bigger force in the DeFi space than it is today. in. Based on the Q1 report, volume on Base increased significantly, outpacing peers and competitors in the space, such as Optimism (OP) and Arbitrum (ARB).
Base's success has been greatly impacted by the implementation of the Ethereum Dencun upgrade. Since the upgrade, Base has continuously processed more than 3 million daily transactions, significantly increasing L2's fee revenue.
The Q1 report shows that DEXs on Base recorded a daily volume of up to $1 billion, although not enough to compare with Coinbase's own volume .
Base's revenue spiked with around 250 DeFi protocols running on the network. When Base launched, Coinbase indicated plans for decentralization, creating an open, global cryptocurrency ecosystem that leverages the security of the Ethereum mainnet, which is easily accessible.
Base helped Coinbase generate $1.6 billion in revenue in the first quarter of 2024, exceeding expectations by nearly 20% and overwhelming the $736 million recorded in the same period in 2023. Trading revenue from both Institutional customers and consumer customers increased to 1.08 billion USD.
Sustained success on the Base platform positions Coinbase as the “NVIDIA of DeFi,” with Base being a major growth driver.
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According to FXStreet
