As the dust settles on Base’s initial exuberance, it appears this once-startling layer-2 network—brought to life by the giants at Coinbase—has hit a rough patch. The crypto universe can certainly be a rollercoaster, and just a year ago, Base was drawing in the masses with its impressive rise. However, recent analytics lay bare a more somber scenario: inflated transaction volumes and total value locked have taken significant dives. Has Base reached a crossroads, teetering between a fleeting disappointment and a transformative reset? With predictions of an upcoming altseason and an ambitious roadmap aimed at 2025, the outlook isn’t entirely bleak. So, what does the future hold for this promising network? Let’s delve deeper. LEARN MORE.
Base, the layer-2 network of the largest American crypto exchange, Coinbase, is facing tough times following the chain’s strong entrance into the market over a year ago.
Data from the market analytics platform IntoTheBlock shows that the Base ecosystem is under pressure, a challenge driven by the market’s recent dip.
Base Ecosystem Under Pressure
After reaching a peak of $4 billion in total value locked (TVL) in mid-December 2024, Base is now struggling with a TVL of $3.2 billion, according to data from decentralized TVL aggregator DeFiLlama.
Base’s transaction volume has also fallen from $2.2 billion in mid-December to $852 million currently. The network’s revenue has plummeted from $629,000 to less than $192,000 at the time of writing. Additionally, the chain’s active addresses and transactions have tumbled significantly.
