Coinbase’s Base Network Emerges as Meme Coin Hub, TVL Hits $2.2 Billion

The post Coinbase’s Base Network Emerges as Meme Coin Hub, TVL Hits $2.2 Billion appeared first on Coinpedia Fintech News

Coinbase’s Layer 2 solution, Base, has surged past $2.2 billion in Total Value Locked (TVL), marking a remarkable 43.61% increase in just one week. Meanwhile, it took the Coinbase Base network nearly 203 days to reach the $1 billion TVL & 25 days to reach 2.2 billion. All thanks to the Ethereum Dencun upgrade which went live on March 13.

Ethereum Upgrade Resulted in $2B TVL

Historically developers favored Solana over Ethereum for launching meme tokens due to its lower fee structure, facilitating easier trading and inexpensive token presales. Due to this solana-based meme coin sparked the popularity of tokens like Dogwifhat (WIF), Book of Meme (BOME), and Slerf (SLERF).

Perhaps the launch of the recent Ethereum Dencun upgrade on March 13 has significantly reduced gas fees on Ethereum Layer 2s, fulfilling its promise of a 10x reduction.

The resulting decrease in gas fees has lured developers and traders back to Ethereum, the blockchain where the meme rush originated.

BASE – Next Meme Coin Wave

Notably, Coinbase’s Layer 2 solution, Base, has been a major beneficiary of this fee reduction. Since the Dencun upgrade, Base has experienced a substantial decrease in fees, leading to a surge in user interest.