Solana Co-Founder Praises Bases Role in Ethereum

Anatoly Yakovenko, the co-founder of Solana, underscores the essential function of the Base Layer 2 solution within the Ethereum ecosystem. His observations come as user engagement and transaction activity on Base have surged dramatically.

The Base network has witnessed remarkable growth in essential metrics like Active Addresses, Transaction Count, and Transaction Volume, achieving record highs. Moreover, the market capitalization of Bases stablecoins and the Total Value Locked (TVL) have also shown positive trends.

The extensive user base from Coinbase has notably boosted the network‘s demand and metrics. Additionally, the popularity of meme coins, particularly MOG and BRETT, has further accelerated the platform’s expansion.

Recent reports from DefiLlama indicate that Aerodrome Finance has significantly contributed to the Total Value Locked (TVL) growth on Base Layer 2. A key factor in this increase has been the trading volume of meme coins, amounting to $1.36 billion added to the TVL.

Reflecting on Base‘s achievements, Yakovenko remarked, “Essentially, without Base, the Ethereum ecosystem would currently be underwater.” However, on-chain analyst Lily Liu highlighted concerns about the accurate representation of active addresses, noting that Solana’s monthly active address count is four times that of Base.

• Bases activity metrics have reached all-time highs.
• Aerodrome Finance plays a key role in boosting TVL.
• Concerns exist regarding the accuracy of active address comparisons.
• Layer 2 solutions are becoming crucial within the blockchain landscape.

The landscape of blockchain technology is evolving, with Layer 2 solutions gaining prominence. Interest in their benefits is growing among users and stakeholders, indicating a shift towards these innovative solutions.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.