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Base, the layer-2 network of the largest American crypto exchange, Coinbase, is facing tough times following the chain’s strong entrance into the market over a year ago. Data from the market analytics platform IntoTheBlock shows that the Base ecosystem is under pressure, a challenge driven by the market’s recent dip. Base Ecosystem Under Pressure After reaching a peak of $4 billion in total value locked (TVL) in mid-December 2024, Base is now struggling with a TVL of $3.2 billion, according to data from decentralized TVL aggregator DeFiLlama. Base’s transaction volume has also fallen from $2.2 billion in mid-December to $852 million currently. The network’s revenue has plummeted from $629,000 to less than $192,000 at the time of writing. Additionally, the chain’s active addresses and transactions have tumbled significantly. Amid the plunge in active addresses and transaction count, IntoTheBlock mentioned that only a handful of tokens now have the majority of their holders in profit, weakening retail interest. The network shift can also be seen in transaction volumes – IntoTheBlock’s basket of eight Base assets, including Aerodome Finance (AERO), Morpho (MORPHO), and Brett (BRETT), have recorded a 78% decline in on-chain volume since December. Base’s Past Performance Before the negative market dynamics, Base was the go-to network for new retail traders. Its daily transactions surged 1,600% in 2024, growing from 372,000 in January to 6.63 million in October. Its TVL also rose by 470% over the same timeframe, with the chain’s share of the global on-chain TVL expanding from 1.07% to 3.59%. In addition, Base’s daily transactions skyrocketed by 1,900% from 2.1 million to 42.34 million, earning the network a 9% market share in the global daily transaction volume. At some point in November, the chain’s TVL rallied above $10 billion for the first time, making Base the second Ethereum layer-2 network with more than $10 billion TVL, following Arbitrum. Having recorded such significant growth last year, Base’s current condition raises the question of the network being at a crossroads – if this is a temporary setback or a turning point for the leading layer-2 chain. However, the year is just starting, and analysts expect an altseason in the coming months. This, plus Base’s ambitious roadmap for 2025, brings hope about the chain’s mid-term trajectory. The post Base Faces Market Turmoil: Is Coinbase’s Layer-2 Network at a Crossroads? appeared first on CryptoPotato.

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