Soaring Profits and Milestones
In a span of just 22 days since its mainnet debut on August 9, Base Network has accumulated a staggering profit of over $3.3 million. Making waves in the crypto world, Base Network’s rapid ascent can be attributed to Coinbase’s successful “onchain summer” promotional initiative.
Moreover, data insights from CoinGecko emphasize Base’s efficiency and swift adoption. In a record time of merely 11 days post-launch, Base secured 1 million addresses, outpacing prominent networks like Arbitrum and Optimism, which took 303 days and 191 days, respectively, to attain the same feat.
Big Brands Join the Fray
The network has successfully attracted multinational giants such as Coca-Cola, Showtime, and Atari. However, it is intriguing to note that a significant chunk of Base’s operations hinge on quintessential crypto ventures.
The Meme Coin Phenomenon
The summer was abuzz with tokens like BALD, COIN, and BASED making headlines on the Base platform. The BASED token, in a rather impressive feat, boasted a market cap of $291 million within a day of its introduction. Another token, BALD, named in jest after Brian Armstrong’s distinct bald look, witnessed a monumental surge of over 3,000% on July 31.
Innovative Ventures on Base
An interesting project to emerge was Friend.tech. Portrayed as a tokenized counterpart of Twitter, it garnered significant attention from content creators on OnlyFans and crypto enthusiasts. Despite eliminating fees associated with transitioning activities to the Ethereum mainnet, Base’s profit tallies remain undeterred at $3.3 million.
Comparison with Contemporaries
When juxtaposed with its contemporaries, Base’s accomplishments shine bright. Since their respective launches, Arbitrum has accumulated $63 million in revenue with $16.5 million in profit, while Optimism has garnered $43 million in revenue, translating to a profit of $9.9 million.
Looking Ahead
With the sustained influx of innovative memes and the consistent enthusiasm of crypto traders, Base Network’s trajectory looks promising. As the community continues to engage and invest, this novel venture by Coinbase promises to carve its niche in the ever-evolving crypto landscape.
