Coinbase's Base L2 Market Share in NFTs and DeFi Is Growing

Base, the layer 2 blockchain network launched by Coinbase, is doing well in the decentralized finance and non-fungible token industries.

According DeFi CallBase has become the largest layer 2 network in crypto. It has 410 dApps in the decentralized finance industry. Some of the biggest players in the DeFi ecosystem are Aerodrome, Uniswap, and Morpho Blue. and Moonwell.

Morpho, a rival to AAVE, is likely to continue growing after Coinbase announced it will offer bitcoin-backed loans on its platform.

Base DEX networks have continued to dominate the layer 2 industry in terms of volume. The protocols in its ecosystem have handled transactions worth $264 billion since its inception. This volume amounted to $12.2 billion in the last seven days.

This growth is likely due to the growing Base meme coin ecosystem, which is now valued at over $2.6 billion. The largest meme coins on their network are Brett, Akuma Inu, Toshi, and Degen.

Base has also become the largest Layer 2 network in the nft space. Its nft sales increased 45% in the last seven days to $8.3 million, while its buyers increased 128% to more than 15,000. Is Cumulative nft Sales increased to more than $62 million.

More information by DappRadar shows that Base handled almost 40 million transactions in the last 30 days.

Arbitrum (ARB) and Polygon (POL) handled 6.21 million and 29.3 million, respectively. Base had 15 million unique active wallets, while the other two had 1.12 million and 3.69 million, respectively. Base is also increasing its presence in the artificial intelligence and gaming industries.

These metrics mean that Base would likely receive a significant valuation if Coinbase decided to airdrop. It would likely be larger than Arbitrum, which has a market cap of $3.2 billion and a fully diluted valuation of $7.5 billion.

Optimism, another popular Layer 2 network, has a market cap of $2.47 billion and an FDV of $7.85 billion. Therefore, Base would have at least an FDV of $7 billion.

There are signs that Coinbase will launch Base airdrop in 2025. Its <a target="_blank" href="https://x.com/base/status/1880020770824523821″ target=”_blank” rel=”nofollow”>roadmap 2025 included a section on decentralization. This could be a sign that Coinbase is considering allowing community members to participate in decision-making.