Coinbase's Base Chain TVL Surged 10,000% in One Day

Jul 31,2023,11:41

According to Defillama data, Coinbase's Base chain's TVL increased from $400,000 on 30 July to over $40M on 31 July.

The network, which Coinbase launched for developers on July 13, has seen an influx of recent activity related to meme coins. Traders are snapping up obscure tokens like BALD, COIN, and BASED on the network using the decentralized exchange LeetSwap.

LeetSwap has recorded nearly $200 million in trading volume over the past day across 377,000 transactions.

More than half of LeetSwap’s daily trading volume was comprised of BALD transactions. The token, possibly a reference to Coinbase CEO Brian Armstrong’s shaved head.

Coinbase built Base in collaboration with Optimism, the Ethereum scaling solution that uses Optimistic Rollups to process transactions in batches and reduce fees.

Source

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