Recent data analyses have shown a remarkable surge in on-chain activity within the Base mainnet according to Bitget Wallet executives.
Namely, over the past month, daily transactions have consistently exceeded the 1 million mark.
The leap was anticipated on March 28 already, when daily transaction volumes skyrocketed beyond 2 million, reaching a weekly peak of 3 million transactions.
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Bitget Wallet’s staggering growth
Bitget Wallet, a prominent Web3 wallet, has played a substantial role in driving this heightened activity.
Just this week, Bitget Wallet recorded daily transactions surpassing 200,000, over 10% of the total transaction activity on the Base chain.
Alvin Kan, the COO of Bitget Wallet, talked about reasons behind the recent upward trajectory in the Base ecosystem, attributing it to three primary factors.
Firstly, the Dencun upgrade has spurred additional funding, resulting in a 6x rise in high-quality developers since January.
Additionally, the total value locked (TVL) on Base has seen a surge from $477 million in early March to $1.47 billion, outpacing other Layer 2 platforms such as Arbitrum, Optimism, and Starknet.
Another significant event was the Meme Fever within the Base community, triggered by the launch of a meme coin by the founder of the renowned non-fungible token (NFT) project, mfers.
Combined with the trading of popular meme coins, this propelled the transaction volume on the Base chain to an unprecedented $1.22 billion on March 30.
Furthermore, the growing excitement surrounding FriendTech, the hype around Degen Token, and the increase in daily active users on Farcaster have all contributed to the growing attention and capital inflow.
The MOEW coin
The recent spike in activity on the Base chain can also be credited to the impact of the meme coin MOEW .
Introduced by Bitget Wallet on April 3, MOEW quickly gained traction by distributing a significant amount of free tokens to BWB point holders.
With nearly 100,000 addresses now holding MOEW and a total transaction volume exceeding $120 million, the coin claimed the top spot on the Base chain’s interaction leaderboard for a short period.
Future prospects within the Base
As one of Ethereum’s active Layer 2 solutions, Base boasts a thriving on-chain ecosystem, an engaged user base, and broad developer support.
These factors directly influence the quantity and caliber of projects that Base can attract.
With backing from the Coinbase Foundation, Kan believes the Base chain is well-prepared to tackle regulatory and compliance challenges in the times ahead.
