Base, Coinbase’s blockchain network, has ushered in a new era of onchain technology with the recent launch of Based Agent. This feature enables users to create autonomous onchain agents with crypto wallets in less than three minutes.
Leveraging tools like the CoinbaseDev SDK, OpenAI, and Replit, these agents perform complex functions without requiring extensive coding knowledge.
This advancement highlights Coinbase’s commitment to decentralized solutions. It sets the stage for a transformative onchain environment where anyone can create customizable agents on the blockchain.
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Coinbase’s Base Stablecoin Transaction Volume
Base achieved a historic milestone in October when it recorded the highest stablecoin transaction volume across all chains in a single day.
On October 26th, Base processed over $18.1 billion in stablecoin transactions. 99.9% of which involved USDC, representing over 30% of the day’s total stablecoin volume.
For perspective, USDC transactions on Base surpassed $20 billion in a day. This placed Base alongside Ethereum and Solana as one of the few networks achieving this volume.
In January, Base handled an average of $120 million daily in USDC transactions. By October, this figure soared to $12.4 billion daily, marking a staggering 100x increase.
Alongside its volume milestones, Coinbase’s Base attracted substantial capital inflows. Many of these funds flowed into other key blockchain ecosystems, including Sui Network and Arbitrum.
This pattern signals investor interest in Base and its peers. It reinforced its appeal as a hub for stablecoin transactions and decentralized finance (DeFi) applications.
Additionally, users on the Aave platform showed heightened interest in USDC on Base, leading to increased yields on USDC-related vaults, like the USDC-jEUR vault, that provide short EUR/USD positions while securing assets through Aave.
Further solidifying its impact, Base played a crucial role in Ethereum Layer 2 solutions, where stablecoin market caps recently exceeded $10 billion.
Arbitrum and Base have emerged as leaders among Layer 2 platforms, securing their roles as core execution layers for Ethereum. This growth fuels DeFi innovation and boosts ETH demand, further establishing Base as a trusted Layer 2 solution.
Base has also gained traction by hitting all-time highs in daily transactions, reaching over 6.4 million and outperforming Ethereum and other popular Layer 2 networks.
Base’s Growing Influence and TVL
This impressive performance reflects Coinbase and Base’s growing influence as it attracts users seeking scalable blockchain environments. Within this space, Base has supported various projects, including memecoins.
For instance, Virtual Protocol’s token ($VIRTUAL) experienced a 600% increase over the past month, amassing a market cap of over $110 million. Similarly, Luna ($LUNA) by Virtuals, launched on October 16th, saw its price rise by 220% in just a week, achieving a market cap of $50 million.
The success of Base-based tokens mirrors the 2016 Bitcoin cycle, showcasing potential for substantial price growth. Luna on Base recently displayed a double-bottom breakout pattern, a bullish technical indicator that suggests upward momentum could continue.
With support from a strong community, Base-based tokens might reach new all-time highs. It can be driven by Base’s rising total value locked (TVL) and increasing transaction volume.
With its robust infrastructure, Base has positioned itself as a leader in stablecoin transactions and DeFi expansion, and it could drive broader adoption within the blockchain industry.
Base’s recent performance signals a promising future in decentralized finance, where it competes with established blockchains and attracts a growing user base.
Investors and developers could keep a close eye on Base as it continues to innovate and shape the digital finance landscape, with the potential to redefine blockchain technology for a decentralized future.
