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Coinbase Base Clocks up Over 136,000 Daily Active Users

2 mins
Updated by Geraint Price
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In Brief

  • Coinbase Base recorded over 136,000 daily active users days after its mainnet launch, attracting 42,000 new users.
  • The surge in daily active users is attributed to the release of a new social network app, friend.tech, on the Base network.
  • The Total Value Locked (TVL) of the Base network stands at $72.83 million, with BaseSwap contributing nearly 50% to the TVL.
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Within days after the mainnet launch, Coinbase Base hit more than 136,000 daily active users. The Layer 2 protocol has also attracted around 42,000 new users.

In the crypto ecosystem, the launch of a new protocol always drives excitement among crypto-savvy users. Moreover, there is also huge speculative trading.

Coinbase Daily Active Users Surge to Record High

On Aug. 9, Coinbase launched the mainnet of its Layer 2 protocol Base, and the users have been flooding in. On the launch day, the daily active users nearly hit the milestone of 100,000. But Base scored even better the following day, recording 136,047 daily active users.

Base network daily active users. Source: Dune
Base network daily active users. Source: Dune

Moreover, on Aug. 9, Base witnessed 30,431 new users and 41,993 new users the following day. However, the all-time high of new users was recorded on July 31, before the public launch. Over 60,000 new users tried the Coinbase Base on July 31.

Click here to learn more about the differences between Layer 1 and Layer 2.

Some believe the surge in daily active users is due to the release of a new social network app friend.tech on the Base network. The protocol allows the users to invest in other users’ or popular influencers’ tokens.

However, the social network app is currently in invite-only mode. Also, not much information is available about the project. Hence, users are advised to do due diligence before transferring tokens to the project.

Base network daily new users. Source: Dune
Base network daily new users. Source: Dune

TVL Skyrockets

The Total Value Locked (TVL) of the Base network stands at $72.83 million, with BaseSwap contributing nearly 50% of the TVL. BeInCrypto reported that Base TVL surged by over 70% in a week as the network went live to the public with over 100 decentralized applications (dApps).

Base Total Value Locked. Source: DefiLlama
Base Total Value Locked. Source: DefiLlama

It is worth mentioning that the Base network does not have a native token. Since the announcement on Feb. 23, traders have been confused, trading unrelated tokens. 

Due to the confusion, there has been a pump and dump in various other tokens. For example, a Base Protocol token surged 160% since the public launch of Coinbase Base mainnet. Later, the same token plummeted by over 35%

BASEUSDT. Gate.io. Source: TradingView
BASEUSDT. Gate.io. Source: TradingView

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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Harsh Notariya
Harsh Notariya is a journalist and crypto expert that excels in delivering the latest Web3 and Crypto News. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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