As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen countless projects launch their native tokens only to fizzle out or become irrelevant. So when I heard about Base, a Layer-2 network developed by Coinbase, not planning to introduce a token of its own, I was pleasantly surprised.
As a researcher delving into the world of blockchain technology, I’ve recently come across the topic of the Ethereum Layer-2 network known as Base, developed by Coinbase. Contrary to the network’s swift expansion in popularity and increasing user base, it appears that there are no immediate plans from their end to introduce a native token.
Rather than this, the network continues to focus on nurturing the growth of decentralized applications (dApps) and strengthening its developer community.
Base Achieves Record TPS and TVL Without Token Incentive
On November 30, Jesse Pollak, the main architect behind Base, expressed his vision on platform X. He highlighted that their foremost objective is tackling real-life issues by crafting tools that empower developers to construct more effective solutions.
He described Base’s strengths as its open-source nature, adherence to open standards, and focus on open markets. According to him, these features are helping to drive the blockchain network’s innovation and creativity.
Regarding a Base network token, there are currently no such plans. Our primary focus is on construction and addressing genuine issues that help improve the building process,” Pollak explained.
Amidst rumors of a possible token launch, this information serves to clear up any confusion. On November 28th, it was reported by analytics platform Nansen that Base has seen a significant growth spurt, with over 11.4 million transactions taking place. This figure is a staggering 50 times greater than the 263,000 transactions recorded in the previous year.
Furthermore, the data provided by L2beat indicated that Base had an unprecedented average of about 132.50 transactions per second (TPS) on November 26, outperforming its previous best of 106.86 TPS.
Achievements have helped Base become the Ethereum Layer-2 platform with the second most significant Total Value Locked (TVL), which currently stands at approximately $12.54 billion, surpassed only by Arbitrum.
Market analysts often point out that Base’s flourishing environment is a significant factor behind its widespread appeal. This network actively fosters applications in gaming and decentralized finance (DeFi), such as Uniswap, Aerodrome, and others. Moreover, the popularity of initiatives like Clanker and Virtuals Protocol meme trends has significantly contributed to its growing attractiveness.
The network’s prosperity is closely linked with its association with Coinbase. Being supported by a multibillion-dollar corporation, Base enjoys a vast user community and resources aimed at streamlining dApp interactions and enhancing scalability.
Placing Base at the forefront of the Ethereum Layer-2 arena, it surpasses rivals such as Optimism in speed and efficiency.
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2024-12-01 18:23