he nascent Base blockchain is experiencing a massive surge in usage as a frenzy around popular meme coins drives over $1.5 million daily transactions on the network. Built by major crypto exchange Coinbase on its in-house developed OP Stack, the Base network has gained significant momentum this month from heightened retail interest.
Rise of the Meme Coins
Cat-themed TOSHI as well as tokens like Thank You Base God (TYBG), Normie (NORMIE) and Brett (BRETT) have pumped in price by as much as 1,300% in the past week according to CoinGecko. Their combined 24-hour trading volumes have exceeded $1 billion. This meteoric rise has attracted thousands of traders hoping to profit from the meme coin hype. As of March 24th, over $450 million worth of assets were locked in decentralized applications (dApps) on Base - up from just $150 million two weeks ago.
Direct Access Boosts Adoption
Part of Base's surge in usage can be attributed to its close ties with Coinbase. As the leading crypto exchange in the U.S., Coinbase giving its over 100 million users direct access to the Base blockchain from within its main trading interface and wallet is a big advantage. For many new entrants, Base will be the first blockchain network they interact with. Its rising profile and functionality are drawing in more builders as well. Technical tokens from projects like the Aerodrome decentralized exchange and Seamless platform have also jumped significantly.
Growing Pains as Traffic Booms
However, Base's burgeoning popularity has come with issues. The network has faced congestion and higher gas costs since significant transactions are related to meme coin trading and automated buying bots. At times these fees exceeded levels seen before the Dencun upgrade implemented by network operator Optimism. Developers continue enhancing scalability and user experience to handle the massive inflow of retail interest. Whether the bull run on Base proves durable depends on its ability to support this exponential growth sustainably over the long term.
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