Anatoly Yakovenko, one of the co-founders of Solana, emphasizes the crucial role played by Base, a Layer 2 solution in the Ethereum ecosystem. Yakovenko’s perspective is supported by the significant growth in user activities and transaction volumes associated with Base.
Growth of Base
The Base network has witnessed substantial increases in key activity metrics such as Active Addresses, Transaction Count, and Transaction Volume, reaching record highs. Additionally, Base’s Stablecoin Market Capitalization and Total Value Locked (TVL) have also shown upward trends.
The integration of Base with Coinbase’s extensive user base has contributed to the growing demand and metrics. Moreover, the popularity of meme coins like MOG and BRETT within the Base ecosystem has positively influenced the platform’s growth.
Contribution of Aerodrome Finance to TVL Growth
According to reports from DefiLlama, Aerodrome Finance has played a significant role in the increase of Total Value Locked (TVL) in Base Layer 2, with the primary reason being the trading volume of meme coins. The platform has contributed $1.36 billion to the TVL of Base Layer 2.
In response to Base Layer 2’s impressive performance, Anatoly Yakovenko stated:
“Base Layer 2 has witnessed remarkable growth, and it is exciting to see the positive impact it has had on the Ethereum ecosystem.”
However, on-chain analyst Lily Liu raised concerns about the grouping of active addresses. Liu noted that the monthly active address count of Solana is four times greater than that of Base, suggesting that the current presentation does not accurately reflect the ecosystem’s true activity levels.
Liu proposed presenting EVM and non-EVM bars in different colors on a single bar chart to provide more accurate data. She also emphasized that NEAR Protocol surpasses Base with its 31 million monthly active addresses.
Impact of Ethereum’s Market Position
Since the Dencun update, Ethereum has faced certain challenges, including issues with inflationary supply and declining revenues. In contrast, Base Layer 2 has emerged as a notable player among Ethereum’s Layer 2 solutions. These Layer 2 solutions are developing into independent ecosystems with their own communities and economic activities.
In conclusion, the dynamics within the blockchain ecosystem are shifting, and Layer 2 solutions are increasingly becoming essential. Users and stakeholders are displaying growing interest in the advantages offered by these solutions.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.