Base TVL Doubles in a Month, Memecoins Drive Adoption

Base has experienced a rapid surge in Total Value Locked (TVL), reaching $2.13 billion, doubling in less than a month.

The total value locked (TVL) of Base has increased by a factor of two in less than a month, reaching a total of $2.13 billion.

Base Achieves $1 Billion In TVL

Commentators believe that it has the potential to become the next epicenter for memecoins. After 226 days since its start in August, Base reached $1 billion in TVL on February 27.

On the other hand, according to data from L2 Beat, the network was able to break through the $2 billion market just 25 days later, on March 23. At a value of $600 million, the USD Coin (USDC) is the most significant token in terms of its natively created value.

At the same time, Ether (ETH) is the most considerable token in terms of its canonically bridged value, which is just $798 million. Some industry experts believe that memecoins have the potential to be the driving force behind the subsequent wave of adoption on the layer 2 network and that they might potentially take some of the market share away from Solana.

Dami-Defi, a user on X, posted a message on March 24 to its 62,100 followers, stating, “Solana had a crazy #memecoin season and thousands of millionaires were made overnight.” The market caps of Degen (DEGEN) and Base God (TYBG) are among the highest base memecoins, according to CoinGecko.

These two memecoins have market values of $143.4 million and $65.9 million, respectively. However, these figures are still far lower than those of other memecoins that have gained popularity more lately, such as Dogecoin and Shiba Inu. The Dogwifhat (WIF) cryptocurrency has been at the forefront of the Solana memecoin craze.

According to CoinGecko, the cryptocurrency has amassed a market valuation of $2.7 billion since its introduction in December. In the meantime, Book of Memes (BOME) and Slerf (SLERF) have already garnered market values of $2.7 billion following their respective launches on Solana earlier this month.

There are several additional memecoins that traders are speculating on several other memecoins, including Normie (NORMIE), Briun Armstrong (BRIUN) and Brett (BRETT), among others.

Some analysts, such as Andrew Forte, the director of business development at the blockchain solutions company Dappd, are optimistic about the layer 2 network. This is because the company that created Base, Coinbase, is developing a native smart contract wallet.

This wallet will enable the 100 million registered users to trade on Base without remembering things or private keys. In a message to his 97,000 followers, the X user known as Wizard of SoHo stated, “There are going to be several billion dollar memecoins on base that will get an easy listing on Coinbase and get over all the normies.”

In addition, they stated that “fading base SZN” is a “bad” idea. On March 16, it achieved a new record of two million transactions in a single day. The implementation of the Dencun upgrade on Ethereum led to this achievement.