Activity on Coinbase's Layer 2 network surges amid memecoin frenzy

Quick Take

  • Memecoins frenzy sweeps Coinbase’s Base network. 

Crypto degens have made their way to Coinbase's Layer 2 blockchain. 

Coinbase-backed Layer 2, known as Base, launched its mainnet for developers on July 13. It wasn’t slated for public launch until early August. However, in the last 24 hours, it has unexpectedly experienced a significant spike in activity and the introduction of several memecoins.

The Layer 2 recorded over 276,000 transactions in the past day, as reported by DEX Screener. Memecoins like Bald have skyrocketed on the network, surging more than 20,000-fold in just 24 hours. Based, for instance, increased by 5,580 times, while Optism increased 435 fold.

Source: DEX Screener

Although the Base team hasn’t provided an official mainnet bridge during the developer access phase, users can utilize a portal proxy contract. According to Dune Analytics data, over $48 million in ether has already been transferred to the network.

The Base team previously said its testnet drew interest from over a million wallet addresses deploying on the network. The team also previously said it had no plans to issue a native token for Base. 

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