Thursday, July 18, 2024

Inflows to Coinbase’s Base blockchain have been generally muted on the first day after its official launch, dimming expectations of a massive capital flow among some crypto traders.

Data from a Dune Analytics dashboard shows just over $10 million was bridged, or transferred, to the new blockchain in the past 24 hours. The data estimated just over 15,000 new users, with transactional activity 50% lower than Wednesday’s figures.

Of that amount, some $5.6 million was in the form of ether (ETH), $2.3 million in USD Coin (USDC) and the remaining in a plethora of alternative currencies.

Wallet analysis shows most Base users transfer between $500-$1,000 worth of ether (ETH) on average. The biggest wallet to bridge, “0xcc…1763,” has transferred $17 million worth of tokens, while the second-largest wallet to bridge was far behind with $17 million worth of tokens.

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Base’s official launch saw a muted $10 million in token inflows on the first day. (Dune Analytics)

Base went live at 12 p.m. ET on Wednesday, marking the first time a publicly traded company has fdsreleased its own blockchain.

Why the slow day?

A reason for the slow first day could be that most investors who wanted to bridge to Base did it before the official launch – namely, by finding out a deposit address meant for developers and using it to rocket “sh**coins” instead.

In late July, the issuance of viral meme coin bald (BALD) saw traders jump in ahead of the official launch in the search for outsized returns, sending over $66 million via a one-way bridge to Base.

The lure of meme-coin fortunes – such as BALD, which jumped 4,000,000% before collapsing – in a starved market likely helped Base attract some $68 million in ether (ETH) in less than 48 hours. At the time, Base ended up recording over $200 million in trading volumes and more transactions than popular networks such as Arbitrum over the weekend.

But while the blockchain remains a hotbed for rug pulls and scam tokens, Coinbase is amping up efforts to draw users – and its own revenues – to the new network.

The exchange kicked off “On-chain Summer,” a virtual event, on Wednesday in celebration of Base’s mainnet launch. It features over 50 brands, including Coca-Cola, Friends With Benefits, a social decentralized autonomous organization (DAO) and others in events that will run through the end of August.

Coinbase is also encouraging users to bridge their ether to Base in order to mint a free NFT to commemorate the launch of the Base mainnet. According to data from Etherscan, over 125,000 individuals have minted over 30 million free NFTs so far, as reported.

But do traders want a shiny, rocketing memecoin instead?

Edited by Nelson Wang.

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