A few days post EIP-4844 we’ve seen Base pick up activity vs the other L2s at an increasing pace. In my opinion, having a bunch of general purpose EVM chains is not the optimal scaling strategy from a social/liquidity fragmentation standpoint and one of these should pull away and eat up more blob space than others. Arbitrum is still the leader, but Base has been making ground.
TVL for Base is up in the past 7 days which Arb and Op are down.
Stablecoins are up 25%.
Trading Volumes are up 25% & 3x that of Optimism.
And lastly, Friendtech v2 is launching in just over a month.
The Friend Tech relaunch is important for a couple reasons. First, the protocol that was the initial liquidity driver to Base has kind of died off and it’ll be interesting to see how v2 fares, but second, and more importantly, it gives a reason for social consensus to move the majority of rollup activity to Base. Let me explain…
As I highlighted in my original tweet (and the year ahead report) all of these EVM chains directly compete for liquidity and the same users. By now it’s clear that people like using general purpose blockchains and liquidity congregates around them. The FT airdrop, which will have 100% given to the community (predominantly influencers) now makes these users financially motivated to make Base the winning L2. With more liquidity to Base, the odds that people use FT v2 goes up and thus the value of their tokens. In other words, the social incentives are there for Base to really take over. Add in the easy flow to the CEX for non-crypto natives (normies) and there’s a strong case that Base will start taking over.
All of Base’s metrics are starting to pop-off.
*adding more thoughts on this:
