Coinbase's quarterly financial report

Coinbase's Base Doubles Revenue Q1 to Q2, Excels in SocialFi with $20B USDC Transfers

May 10, 2024, 10:30 AM

Coinbase's Layer 2 network, Base, is showing significant growth and potential as a game-changer in the cryptocurrency sector. In the second quarter, Base is on track to double its revenue from $15 million in Q1 to $30 million. The network generated $15.5 million in sequencer fees in Q1, marking a $1.1 million increase from Q4 and representing 1% of total revenues. The network has seen a substantial increase in activity, primarily driven by meme coin trading and SocialFi applications. Notably, more than $20 billion in USDC was transferred on Base in April, a significant rise from $3.5 billion in February. Investment firms like Franklin Templeton have praised Base's performance in the SocialFi sector, describing it as having 'hit a homerun' and noting its exponential growth rate.