Base Network Surpasses Solana in Net Cash Flow: Ethereum Ecosystem Thrives
The Ethereum (ETH) network remains the undisputed web3 leader with over $69 billion in total value locked (TVL) and over $103 billion in stablecoin market capitalization, largely due to its second layer (L2) scaling solution. Significant development. Additionally, the Solana (SOL) and Tron (TRX) networks have threatened the Ethereum ecosystem, with daily active addresses increasing to approximately 5.9 million and 2.3 million respectively.
Ethereum co-founder Vitalik Buterin said the development of L2 scaling solutions is crucial to ensuring the blockchain trilemma, which requires scalability, security and decentralization. As a result, the Ethereum Foundation has allocated tens of millions of dollars to develop next-generation layer 2 protocols utilizing ZKEVM.
Why the underlying network is the L2 leader
The Base network has become a leader in the Ethereum-based L2 ecosystem, largely due to technical and financial support from Coinbase Global Inc. (NASDAQ: COIN).
According to market data analysis from the Artemis platform, Base Network’s cash inflows totaled $2.3 billion in the past three months. On the other hand, Base Network’s total cash outflow during the same period was approximately US$946 million, with net traffic of approximately US$1.32 billion.
Notably, the Base network has performed better than the Solana ecosystem, which had net cash flow of approximately $1.27 billion over the past three months.
market impact
The apparent success of the Base Network will have a long-lasting impact on the entire web3 space, but primarily on Coinbase revenue and the Ethereum ecosystem. With the significant increase in on-chain activity on the Base Network, the Coinbase Network is well-positioned to earn significant returns through increased revenue on its platform.
Additionally, the Coinbase exchange has been listing developed tokens on the Base network, charging more trading fees in return.
