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Base sets record ETH reserves as Coinbase expands its reach

Base sets record ETH reserves as Coinbase expands its reach

GrafaGrafa2024/10/23 01:55
By:Isaac Francis

Base, a Layer-2 blockchain developed by Coinbase, has reached a new milestone in its Ethereum (CRYPTO:ETH) reserves, holding a record 623,130 ETH in its bridge smart contract. 

Over the last 30 days, the platform saw an influx of 94,728 ETH, marking a 12% increase. 

This growth brings Base’s annual rise in ETH reserves to 679%, totaling approximately 2.91 million ETH, making it the eighth-largest holder of ETH. 

The blockchain’s strong ETH growth reflects its expanding influence in the DeFi sector, supported by Coinbase's reputation. 

According to Paul Vaden of the Lyra Foundation, “Coinbase is a force in the sector and a trusted entity. Belief in Base’s success depends largely on Coinbase’s support.” 

Vaden noted that Base's integration with Optimism's Superchain has also been instrumental in driving adoption and enhancing connections within the broader Ethereum ecosystem. 

Base benefits from low transaction fees, averaging below $0.01, and attractive yields offered by decentralised finance (DeFi) platforms like Aerodrome and Moonwell. 

These DeFi applications have significantly contributed to Base’s rise in total value locked (TVL). 

For example, Aerodrome provides liquidity incentives, while Moonwell recorded a 43% increase in TVL, boosting Base’s appeal to investors seeking high returns and efficient trading options. 

The surge in ETH reserves indicates growing trust and confidence in the platform’s capabilities. 

By locking ETH on Base, users are helping expand the ecosystem, adding liquidity, and fostering financial activity. 

At the time of writing, the Ethereum price was $2,620.70.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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