Base Network Registers $2.5 Billion Net Cash Inflow in 11 Months
As institutional investors drive the growth of the Ethereum (ETH) ecosystem, the Base network, an Ethereum layer two (L2) scaling solution backed by Coinbase Global Inc (NASDAQ: COIN), has become a key player in enhancing scalable and secure smart contracts. It has emerged as the largest DeFi ecosystem recently.
Key Metrics of Base Network
Market data from Artemis Terminal indicates that the Base network is the leading smart contract network with significant cash inflows. Over the past 11 months, it has recorded approximately $6.3 billion in cash inflow and around $3.8 billion in cash outflow, resulting in a net flow of about $2.5 billion.
In contrast, the Solana (SOL) network has seen a net cash inflow of about $3.9 billion year-to-date (YTD) against a total cash outflow of approximately $2.2 billion, yielding a net flow of around $1.7 billion. The Arbitrum (ARB) network, another prominent Ethereum L2 solution, has a total value locked (TVL) exceeding $3.1 billion and a net flow of about $2.2 billion.
The Base network's average daily transaction count has surpassed 8 million without any reported network congestion or outages. In the last month, it has facilitated over $2 billion in funds bridged from other networks, reflecting increased demand.
Can you feel it?
It’s @base era pic.twitter.com/AUlnzRZyrx
— David Tso (dave.base.eth) 🛡️ (@davidtsocy) November 28, 2024
The Base network currently holds over $3.55 billion in total value locked (TVL) and a stablecoins market cap exceeding $285 million. In the past 24 hours, it reported about 1 million active addresses and generated revenue of approximately $753 million.
Leading DeFi protocols on the Base network include Aerodrome DEX, Uniswap (UNI), Morpho Blue lending, and AAVE V3, among others.
Expected Impact
The rapid expansion of the Base protocol to the top Ethereum L2 network has greatly benefited Coinbase. In Q3, Coinbase introduced the Sun feature for Basenames to enhance user interaction, achieving over 450k registered names within the first two months post-launch.
With low network fees under $0.01, on-chain activity has surged, contributing to Coinbase Global’s fee collection. The top meme coins on the Base network have a combined market cap exceeding $2.8 billion and a daily trading volume averaging around $310 million.
Speculation regarding Coinbase's potential support for Base meme coin listings has further fueled recent growth.