Crypto Analyst Sees Coinbase’s Base Launch as Highly Bullish

• Leshner believes Coinbase’s involvement in the L2 space could be a game-changer.
• Haseeb Qureshi highlights the rapid accumulation of value on Base.
• Base has seen a surge in daily active addresses reaching up to 100,000.

In a recent development that has ignited conversation across the crypto sphere, a prominent crypto analyst Robert Leshner has made an interesting prediction in the Unchained podcast regarding the recent launch of Coinbase’s Layer 2 (L2) solution, named “Base.”

Leshner believes that Coinbase’s involvement in the L2 space could be a game-changer, and acknowledges that the crypto space has been witness to various Layer 2 solutions, but the Coinbase brand carries a unique level of credibility and trust. Leshner suggests that this association could bring more users to the L2 ecosystem, accelerating its adoption and usage. According to Leshner:

I think it’s pretty bullish in that a couple hundred million dollars it takes a lot of L2s of a long time to get any traction at all and I think people are preemptively migrating to Base on the expectation that Coinbase will make it successful and attract  developers and attract a lot of new applications and use cases.

Managing partner at Dragonfly, Haseeb Qureshi, points out that the rapid accumulation of value on Base, with a Total Value Locked (TVL) of approximately $230 million, is indicative of strong early interest. This promising start positions Base as the fifth-largest L2 solution by TVL, a remarkable feat given the typically gradual growth of new blockchain solutions.

Furthermore, Qureshi noted that the daily active addresses on Base have been on the rise, reaching approximately 100,000. These metrics underscore the traction that Base has managed to achieve in a relatively short period, signaling a growing community of users.

Transactions per second (TPS) on Base have also impressed observers, with an average TPS of around seven. This places Base in a favorable position among competing L2 solutions and showcases its technical capabilities.

However, the launch of Base has not been without its controversies. Some industry insiders have raised concerns about the absence of fraud proofs in Base’s design. This has led to debates and discussions within the crypto community, emphasizing the importance of robust security features in the rapidly evolving L2 landscape.