Coinbase's Base L2 Network Captures No. 2 Spot with 18% Market Share, $5M Revenue, 2M Wallets

Sep 10, 2024, 01:34 AM

Coinbase's Ethereum layer-2 network, Base, has achieved significant success, capturing the No. 2 spot on L2Beat with an 18% market share. The network has seen participation from over 2 million unique wallets during its 'Onchain Summer' promotion, generating over $5 million in mint revenue for creators. Base has attracted $132 million in stablecoins over the past month, leading the L2 ecosystem. The success is attributed to its superior user experience provided by Coinbase's smart wallet and OnchainKit, as well as its vertical integration with Circle and USDC. Despite not being a technological trailblazer, Base's effective marketing strategy and being operated by Coinbase have contributed to its rapid growth.