Crypto.news - The total value locked (TVL) of Base, an Optimism-based layer-2 platform for Ethereum, is surging, increasing by 48X, partially attributed to the frenzy surrounding the BALD meme coin.
As of July 30, Base’s TVL stands at $46.18 million, surpassing competitors Mantle and Apex, and closing in on Polygon’s zkEVM, which has a TVL of $56 million.
Base TVL: L2Beat
The BALD meme coin, inspired by Brian Armstrong, the founder of Coinbase (NASDAQ:COIN), has played a significant role in driving the transaction count on Base.
Since launching on July 29, BALD prices have surged by 4,000,000%, rising to $0.063 with a market capitalization of over $45 million. This spike has led to fear of missing out (FOMO), enticing users to invest in BALD to make quick profits.
The influx of funds into Base and spike in interest due to the BALD frenzy has indirectly driven transaction count and interest on the OP Mainnet, formerly Optimism.
As of July 30, the OP Mainnet TVL stood at $2.92 billion, rising in sync with Base, whose technology is based on the roll-up technology that anchors the OP Mainnet.
Despite their impressive growth and popularity, meme coin fans should exercise caution when connecting to Base and trading BALD meme coin.
Base is still being tested. This means users who engage blindly can lose funds. However, users can still connect by manually sending funds to the official contract address.
Accordingly, how BALD’s performance evolves ahead of the Base’s official launch in August is closely being monitored.
Whether the BALD frenzy will subside is also yet to be seen.
Ethereum layer-2 transactions are cheaper than on the mainnet. Their scalability and low fees attract users and projects to leading platforms like Arbitrum and OP Mainnet.
Recently, Worldcoin launched the airdrop of its WLD tokens on OP Mainnet, driving transaction counts above Arbitrum for the first time while also pumping its TVL.
This article was originally published on Crypto.news
