The Total Value Locked (TVL) on Base, a layer-2 protocol built on Ethereum by Coinbase, has been on a steady rise, reaching a new high of over $900 million. This is a significant increase of more than 126% from the TVL of $405 million on February 25. The TVL is expected to hit $1 billion this week, propelled by the recent frenzy around meme coins.
The surge in TVL has been driven by the popularity of Solana-based meme coins, such as dogwifhat, Bonk Book of Meme, Slerf, and Myro. However, Base meme coins have also seen a spike in the past 24 hours, with their market cap increasing by over 400% to nearly $1 billion. Tokens like Toshi (TOSHI), Degen (DEGEN), and Mochi (MOCHI) have all experienced significant gains of more than 30%.
Nansen, a crypto analytics platform, has highlighted the potential for Base TVL to reach $1 billion this week. Additionally, real-world assets (RWAs) have also contributed to the growth of Base, with a notable impact on TVL from projects like Tangible RWA and Cygnus Finance. The recent Dencun upgrade has also made it easier for users to interact with dApps on Base, leading to a rise in fees.
Besides meme coins and RWAs, two other narratives that could drive the bull cycle are artificial intelligence (AI) and Decentralized Physical Infrastructure Networks (DePINs). As the market continues to grow, the sector’s market cap for RWA tokens has soared by over 25%, with top tokens like Ondo Finance, Polymesh, Pendle, and TokenFi leading the way.
To wrap it up, the rise in TVL on Base, driven by the popularity of meme coins and RWAs, is a positive sign for the crypto market. With potential growth in AI and DePINs, the bull cycle is expected to continue, providing exciting opportunities for investors and users alike. Share this article and explore the various categories and tags to stay updated on the latest market trends.
