Base Network's Continuously Breaking New Highs After Dencun Upgrade

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Bitget2024/03/27 06:42

By:Bitget

Base saw a significant surge in daily trading volume, reaching a new high of $442.93 million, marking an incredible 71.67% increase from the previous week. Simultaneously, the total value locked (TVL) on Base hit an all-time high of $1.195 billion. This growth in activity can be attributed to Ethereum's recent Dencun upgrade, which reduced transaction fees on Layer 2 networks, making Base a cost-effective option.

Base Network's Continuously Breaking New Highs After Dencun Upgrade image 0

Base's momentum continued with daily transactions reaching 1.42 million and nearly 70,000 new users on Monday, March 25. This surge follows the rollout of Dencun earlier in the month, which saw Base's activity surpass that of competitors like Arbitrum and Optimism.

Analysts anticipate continued growth for Base as Coinbase integrates its users into the on-chain economy. Coinbase's recent introduction of a smart wallet is expected to facilitate direct on-chain utilization of balances on the exchange. Base stands out with its vibrant community and native AMM, Aerodrome, contributing to its TVL surpassing $2.57 billion, double that of Polygon and Avalanche combined.

Base's unique culture, reflected in its NFT markets and meme coin Telegram groups, has contributed to its rapid rise. Creator Jesse Pollak's efforts to integrate Base with Web3 social media apps like Farcaster demonstrate its potential for further expansion. With Base's gross profit nearing $4.5 million over the past week and annualized profit around $235 million, it presents a significant revenue stream for Coinbase, helping the crypto firm diversify from transaction fees. As long as Coinbase maintains the momentum, Base is poised for continued success in the evolving crypto landscape.

Source: The Block , Blockworks

Futures Market Updates

Both Bitcoin and Ether futures witnessed a modest rise in total open interest, while the 24-hour trading volume saw a decrease. Long liquidations are slightly higher than short liquidations for both cryptocurrencies, resulting in relatively balanced long/short ratios. It’s worth noting that Ether has a higher long/short ratio of 51.56%/48.44%.

Bitcoin Futures Updates

Total BTC Open Interest: $38.03B (+0.26%)

BTC Volume (24H): $82.28B (-16.50%)

BTC Liquidations (24H): $34.22M (Long)/$23.59M (Short)

Long/Short Ratio:50.76%/49.24%

Funding Rate: 0.0386%

Ether Futures Updates

Total ETH Open Interest: $14.06B (+1.02%)

ETH Volume (24H): $32.18B (-7.77%)

ETH Liquidations (24H): $16.04M (Long)/$11.58M (Short)

Long/Short Ratio: 51.56%/48.44%

Funding Rate: 0.0308%

Top 3 OI Surges

T: $30.26M (+339.30%)

REQ: $1.95M (+166.49%)

SC: $8.15M (+93.16%)

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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