Base TVL Surges Amid Meme Coin Frenzy, Targets $1 Billion Milestone

Key Points:

  • Base protocol’s Total Value Locked (TVL) skyrockets by over 126% in a month, driven by the meme coin craze, nearing the $1 billion mark.
  • Real World Assets (RWAs) also contribute to Base’s rise, with a 28% spike in TVL for Tangible RWAs and a notable increase in Cygnus Finance.
  • AI and Decentralized Physical Infrastructure Networks (DePINs) are poised to fuel the ongoing bull cycle, indicating diverse growth narratives beyond meme coins and RWAs.

Base, the Ethereum layer-2 protocol developed by Coinbase, has witnessed a remarkable surge in Total Value Locked (TVL) over the past month. The TVL has skyrocketed by more than 126%, climbing from approximately $405 million on February 25 to a staggering $948 million on March 25. This surge has been attributed to the frenzy surrounding meme coins, which has propelled Base’s TVL towards the $1 billion mark.

Base TVL Surges Amid Meme Coin Frenzy, Targets $1 Billion Milestone
Base TVL: DeFiLlama

During this period, Solana-based meme coins like dogwifhat, Bonk Book of Meme, Slerf, and Myro have dominated the market, experiencing substantial gains. However, Base meme coins have also seen significant traction, with their market capitalization soaring by over 400% in just 24 hours, reaching nearly $1 billion.

Tokens such as Toshi (TOSHI), Degen (DEGEN), and Mochi (MOCHI) have witnessed a surge in demand, with their prices surging by more than 30% within the past day. Nansen, a blockchain analytics platform, has highlighted the potential for Base’s TVL to hit the $1 billion milestone this week, fueled by the ongoing buying frenzy.

Real World Assets Help Grew Base

In addition to the meme coin frenzy, the rise of Real World Assets (RWAs) has contributed to Base’s prominence in the market. With the recent Dencun upgrade reducing fees, user engagement with decentralized applications (dApps) has surged. Investors are increasingly exploring opportunities within the RWA market, driving a notable increase in Base’s TVL from RWA projects.

Data indicates a 28% spike in TVL for Tangible RWA and nearly 6% for Cygnus Finance, underscoring the growing influence of RWAs within the Base ecosystem. Overall, the RWA sector’s market capitalization has surged by more than 25%, surpassing $7 billion. Prominent tokens in this sector include Ondo Finance, Polymesh, Pendle, and TokenFi.

Furthermore, amidst the broader crypto landscape, narratives surrounding artificial intelligence (AI) and Decentralized Physical Infrastructure Networks (DePINs) are expected to drive the ongoing bull cycle. These narratives signal a diversified growth trajectory beyond the exuberance surrounding meme coins and RWAs, highlighting Base’s position as a dynamic player within the changing crypto ecosystem.

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Raymond Munene

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Raymond Munene