The gap between Layer 2 networks is widening, with Base now recording nearly 40% more daily active addresses than both Arbitrum and Optimism combined.
As of August 2024, Base has solidified its position as a key player in the Layer 2 space, drawing significant attention from the crypto community.
The gap in Layer 2 networks is growing, with @base now recording nearly 40% more daily active addresses than Arbitrum and Optimism combined. pic.twitter.com/MSNvoJb4mm
— IntoTheBlock (@intotheblock) August 22, 2024
The Base ecosystem has become a focal point, especially on Crypto Twitter (CT). AERO and PRIME have emerged as the leading tokens within the network. AERO, in particular, stands out with a market cap of $371.7 million and an impressive $132.4 million in transaction volume recorded on August 20, 2024. This surge in volume can be attributed to AERO’s robust utility and strong user base, positioning it as a cornerstone of the Base ecosystem.
Last week, I wrote about Layer 2s and revealed some interesting insights about Base.
Today, we’re following up with a deep dive into the major tokens on the Base ecosystem.
According to @intotheblock, as of August 2024, the Base ecosystem is showcasing an interesting… https://t.co/3Ys5b338fM pic.twitter.com/tGUkFsPz6J
— 𝕆𝕙-𝕁𝕒𝕪 (@jayejone) August 21, 2024
AERO’s adoption is evident with 156,932 holders, reflecting strong community support. On August 21, 2024, the token experienced a 9.24% price increase, signaling positive market sentiment. However, not all tokens within the ecosystem are performing equally. For instance, while WELL boasts a high profitability rate of 26%, SONNE lags behind with 0% profitability, highlighting the diverse investment outcomes across the network.
SONNE also raises concerns with its 92% whale concentration, pointing to potential centralization issues. Furthermore, tokens like BSAP and WELL show high correlations with Ethereum, indicating that their performance is closely linked to ETH’s price movements.
In terms of volatility, AERO and ALB are the most unpredictable, while SONNE offers more stability. Despite the varied performance of tokens, AERO dominates key metrics, establishing itself as a core asset within the Base network.
Although Base continues to handle a substantial share of Layer 2 transactions, token performance on the network has been less than stellar.
Currently, $TOSHI is the only significant token on Base where the majority of holders remain in profit pic.twitter.com/XE9YF1bm09
— IntoTheBlock (@intotheblock) August 21, 2024
Interestingly, while Base excels in transaction volume and user engagement, the overall performance of tokens on the network has been mixed. Currently, $TOSHI is the only significant token where most holders remain profitable.
Base is also leading the charge in NFT creation, recording the highest number of new NFTs minted in the past 30 days. Comparatively, other blockchains like TON, Avalanche, BNB Chain, and Mint have also seen growth in NFT creation, but Base’s 65% increase underscores its growing influence in the sector.
Base is leading with the highest amount of new NFTs created in the last 30D
Compared to last month, several blockchains with increased growth rate in NFTs creation are: TON (203%), Avalanche (134%), BNB Chain (117%), Base (65%) and Mint (40%) pic.twitter.com/GnIPEZLeca
— Coin98 Analytics (@Coin98Analytics) August 21, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: marketlan/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/base-surges-ahead-in-layer-2-networks-dominating-active-addresses-and-nft-creation/