Base Network Rakes in the Fees Riding Crypto’s Favorite Memes

Crypto News– Whether you approve or not, Coinbase’s ‘on-chain summer‘ campaign seems to have delivered a significant marketing triumph, particularly for the firm’s highly buzzed-about layer-2 solution, Base.

Base Network Rakes in the Fees Riding Crypto’s Favorite Memes

Research conducted by CoinGecko reveals that Base achieved the milestone of one million addresses on its layer-2 network in just 11 days, making it the fastest among its peers. In contrast, heavyweights like Arbitrum and Optimism took significantly longer, reaching the one-million-address mark after 303 days and 191 days, respectively. While Base has been successful in attracting prominent brands like Coca-Cola, Showtime, and Atari to join its network, the majority of the network’s activity revolves around various crypto activities, maintaining its evergreen appeal.

From meme coins to Twitter-inspired projects, users are flocking to explore the world of typical crypto endeavors. This summer, tokens such as BALD, COIN, and BASED gained widespread attention on the network. For instance, BASED achieved a market capitalization of $291 million in less than a day. BALD, presumably named after Coinbase CEO Brian Armstrong’s hairless head, surged over 3,000% on July 31 before its developers pulled a liquidity rug-pull. Another notable project, Friend. tech, emerged as a tokenized version of Twitter, attracting both OnlyFans creators and crypto enthusiasts alike.

These crypto-native activities are also proving to be highly profitable for Base. Since its launch, the network has amassed $4.9 million in cumulative revenue.