Base Cumulative Revenue Exceeds $10 mn
Base, a layer-2 scaling solution for Ethereum, has generated over $10 million in cumulative revenue since its launch in August 2023. This growth is attributed to the increasing popularity of layer-2 solutions, which are critical for enhancing user experience and lowering gas fees on the mainnet. Ethereum developers prioritize solutions that scale the base layer, and Base can help protocols seeking highly scalable environments launch quickly, benefiting from relatively lower gas fees.
Bald, the first meme token on Base, was deployed before asset prices crashed, and deployers were early supporters.
However, prominent protocols like Aave and Friend.tech have since launched on Base, with Friend.tech accumulating over $25 million as protocol fees from over 12.3 million unique transactions.
The Ethereum-Base bridge from DeFiLlama shows a rapid drop in token issuance, with the bridge locking $1.32 million of assets in late November. The total value locked (TVL) on Base from L2 Beat data shows a steady rise in TVL weeks after launching before plateauing above $580 million.
Currently, Base’s TVL is stable and generally firm, but there is a direct correlation between ETH’s stop rates and the protocol’s TVL. As ETH gains momentum, it is highly likely that Base will manage more assets, driving revenue even higher.
(With inputs from Shikha Singh)
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