Base ecosystem is warming up, and the 2024 goals are quietly being achieved.
Written by: shaofaye123, Foresight News
Recently, various AI tokens in the Base ecosystem have surged, with VIRTUAL increasing by 37% in 24 hours; LUNA rising nearly 25% in 24 hours; AIXBT's market cap reaching a peak of $200 million; and SEKOIA and GAME by Virtuals (GAME) seeing over 100% growth in 24 hours, creating a strong wealth effect. Net capital inflows are continuously increasing, and developer activity is steadily rising, showcasing impressive performance in the ecosystem. This article will provide an overview of the developer, ecosystem, and capital market situation and trends in the Base network from a data perspective this year.
2024 Roadmap
In January of this year, Base released its 2024 strategy and roadmap, viewing Base as an economy composed of three parts: a developer platform, an application ecosystem, and a capital market, and building around this framework. The aim is to accelerate decentralization while improving network usability, significantly reducing costs, setting smart wallets as the default, simplifying on-chain processes, and bringing Coinbase on-chain, among other goals. As the year-end approaches, Base has once again attracted attention with its AI agents. The 2024 roadmap seems to have quietly been completed.
Steady Growth in Developer Activity
On-chain developers are crucial for public chains as they are responsible for building and deploying smart contracts, decentralized applications (DApps), and other blockchain technology solutions. On-chain developers drive innovation in public chain technology and diversify applications, serving as a source of value for public chains. Active developers can bring innovation to the ecosystem, and a thriving ecosystem attracts capital inflows, creating a positive feedback loop.
Base has identified on-chain developers as an important part of its economic components at the beginning of the year. As of July 2024, according to Developer Report data, the average number of active developers on the Base chain reached 3,991 per month, with nearly 900 full-time active developers, second only to Ethereum, marking a 52% increase and making it the fastest-growing among all blockchain networks, becoming the second-largest active developer network in the entire public chain market.
Image source: https://www.developerreport.com/
Additionally, Base offers many incentives for developers. As a standardized EVM, developers can more easily deploy contracts, enhancing on-chain activity. According to Dune (@sixdegree) data, the number of contracts created on the Base network is steadily increasing each month.
Image source: https://dune.com/sixdegree/base-blockchain-overview
Ecosystem Becoming Increasingly Rich
The Base ecosystem includes DeFi but is never limited to it; 66% of its active on-chain applications are non-DeFi. The Base network excels in applications related to NFTs, social media, and AI.
Recently, various AI tokens in the Base ecosystem have surged, creating a notable wealth effect. SEKOIA and GAME by Virtuals (GAME) saw over 100% growth in 24 hours. Meanwhile, on-chain transaction volume on Base has also experienced rapid growth. According to Dune data (@watermeloncrypto), transaction activity peaked at 11.44 million on November 26. Compared to the beginning of 2024, the number of transactions has increased 42 times, and its transaction activity undoubtedly demonstrates Base's immense development potential.
Image source: https://dune.com/watermeloncrypto/base
In addition to the increase in transaction numbers, user activity has also significantly improved. According to Dune data (@watermeloncrypto), the number of active addresses on the Base chain surged from 300,000 in January to 6.57 million in November, reaching a historical peak of 7.19 million on October 7, marking an increase of over 2000% to date.
Image source: https://dune.com/watermeloncrypto/base
Continuous Capital Inflows in the Capital Market
With the ecosystem heating up, capital markets are also experiencing continuous positive inflows. According to L2BEAT data, as of November 29, the total value locked (TVL) in Base has surpassed Optimism, making it the second-largest L2 network, second only to Arbitrum.
Image source: https://l2beat.com/scaling/summary
According to Token Terminal data, Base is also steadily growing in terms of revenue, with income consistently increasing since September.
Image source: https://tokenterminal.com/
Additionally, it is worth noting that according to Artemis data, Base's net capital inflow in November 2024 has surpassed Solana, with monthly inflow rates continuing to increase. The ongoing capital inflow into the Base chain reflects that its ecosystem is still on the verge of an explosion.
Image source: https://app.artemis.xyz/home
Conclusion
At the beginning of 2024, Base made a commitment: to build a global on-chain economy that promotes innovation, creativity, and freedom. Recently, whether in terms of developer activity or ecosystem richness, Base has been continuously growing, with capital flow accelerating. From various data points, it is clear that Base is steadily moving forward.
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