The Base ecosystem is recovering, and the 2024 target is quietly completed.
Author: shaofaye123, Foresight News
Recently, the prices of various AI tokens in the Base ecosystem have risen, with VIRTUAL seeing a 24-hour increase of 37%; LUNA rising nearly 25% in 24 hours; AIXBT's market capitalization reaching a high of $200 million; SEKOIA and GAME by Virtuals (GAME) surging over 100% in 24 hours, demonstrating a strong wealth effect. Net capital inflows are continuously increasing, and developer activity is also steadily improving, with the ecosystem performing remarkably well. This article will provide an overview of the current situation and trends in Base network's developers, ecosystem, and capital markets from a data perspective.
2024 Roadmap
In January of this year, Base released its 2024 strategy and roadmap, in which it envisioned Base as an economy composed of three parts: a developer platform, an application ecosystem, and a capital market, and built around this. The goal is to accelerate decentralization while improving network usability, significantly reducing fees, setting smart wallets as the default, simplifying on-chain processes, and integrating Coinbase into the chain. As the year-end approaches, Base has once again attracted widespread attention through its AI agents. It appears that the 2024 roadmap has been quietly completed.
Steady Growth in Developer Activity
On-chain developers are crucial for public chains, as they are responsible for building and deploying smart contracts, decentralized applications (DApps), and other blockchain technology solutions. On-chain developers drive innovation in public chain technology and the diversification of applications, which is the source of value for public chains. Active developers can bring innovation to the ecosystem, and the prosperity of the ecosystem will attract capital inflows, creating a positive flywheel.
At the beginning of the year, Base identified on-chain developers as an important component of its economic structure. As of July 2024, according to Developer Report data, the average monthly active developers on the Base chain reached 3,991, with nearly 900 full-time active developers, second only to Ethereum, representing a 52% increase, making it the fastest-growing developer network among all blockchain networks and the second-largest developer-active network in the entire public chain market.
Source: https://www.developerreport.com/
Furthermore, Base has implemented various incentive measures for developers, and as a standardized EVM, developers can also deploy contracts more conveniently to increase on-chain activity. According to Dune (@sixdegree) data, the number of contracts created on the Base network is steadily increasing.
Source: https://dune.com/sixdegree/base-blockchain-overview
Increasingly Diverse Ecosystem
The Base ecosystem is not limited to DeFi, as 66% of its active on-chain applications are non-DeFi. Base network applications have performed exceptionally well in the fields of Non-Fungible Tokens, social, and AI.
Recently, various AI tokens in the Base ecosystem have seen a general rise, demonstrating a decent wealth effect. SEKOIA and GAME by Virtuals (GAME) have surged over 100% in 24 hours. At the same time, the trading volume on the Base chain has also experienced rapid growth. According to Dune data (@watermeloncrypto), the trading activity reached a new peak of 11.44 million on November 26th. Compared to the beginning of 2024, the number of transactions has increased 42-fold, demonstrating the immense development potential of Base.
Source: https://dune.com/watermeloncrypto/base
In addition to the increase in transaction volume, user activity has also significantly improved. According to Dune data (@watermeloncrypto), the number of weekly active addresses on the Base chain has surged from 300,000 in January to 6.57 million in November, reaching a historical high of 7.19 million on October 7th, representing an increase of over 2000%.
Source: https://dune.com/watermeloncrypto/base
Continuous Capital Inflow into the Capital Market
With the booming ecosystem, the capital market has also been continuously flowing in. According to L2BEAT data, as of November 29th, Base's total value locked (TVL) has surpassed Optimism, ranking as the second-largest L2 network, second only to Arbitrum.
Source: https://l2beat.com/scaling/summary
According to Token Terminal data, Base's revenue has been steadily growing, increasing continuously from September to the present.
Source: https://tokenterminal.com/
Additionally, it is worth noting that according to Artemis data, Base's net capital inflow has surpassed Solana in November 2024, and the monthly inflow rate is also continuously increasing. The continuous capital inflow to the Base chain reflects that its on-chain ecosystem is still on the verge of an explosion.
Source: https://app.artemis.xyz/home
Conclusion
At the beginning of 2024, Base set a mission to build a global on-chain economy that promotes innovation, creativity, and freedom. Recently, whether in terms of developer activity or ecosystem richness, Base has been continuously growing, and the capital inflow rate is also accelerating. Based on various data, Base is steadily moving forward.
