Ethereum layer-2 network Base has doubled its total value locked to $2.13 billion in under a month thanks to the ongoing meme coin frenzy.
The milestone was reached swiftly, with Base surpassing the $1 billion total value locked (TVL) mark on Feb. 27, 226 days after its launch in August, and crossing the $2 billion threshold just 25 days later.
Data from DefiLlama indicate that the rapid accumulation of TVL is a testament to the network’s growing popularity and adoption within the crypto community.
The surge in Base’s TVL is believed to be significantly influenced by the rise of meme coins on its platform, mirroring a recent trend that has benefited the Solana (SOL) network. Meme coins, digital assets that often start as internet jokes but can amass substantial market capitalization, are speculated to be a driving force behind the adoption and growth of the Base network.
Some community members observe a potential shift in interest from Solana to Base, particularly in the context of meme coin trading activities.
Solana’s meme coin frenzy was highlighted by coins such as Dogwifhat (WIF), which reached an all-time high market cap of $2.84 billion. Similarly, Book of Meme (BOME) and Slerf (SLERF) achieved significant market caps shortly after their launch on Solana.
On the Base network, meme coins like Degen (DEGEN), Normie (NORMIE), Chad (CHAD), and Brett (BRETT) are gaining traction, though market caps have not yet reached the heights of Solana’s meme coins.
Adding to the network’s appeal, Coinbase, the crypto exchange behind Base, is developing a native smart contract wallet. The wallet aims to simplify the trading experience for Coinbase’s 100 million registered users by eliminating the need to memorize seed phrases or private keys, thereby potentially accelerating the adoption and use of the Base network.