The capital inflow after Coinbase’s recent launch of its Base blockchain has been rather muted, with statistics falling short of some traders’ bullish forecasts for significant capital inflows.
A Dune Analytics dashboard’s data shows that slightly more than $10 million has been moved to the new blockchain in the last 24 hours. This information is backed by the addition of slightly more than 15,000 new users and a 40% drop in transactions from the day before.
About $5.6 million of the capital inflow came in the form of ether (ETH), while the remaining $2.3 million was in the form of USD coin (USDC). The remaining money was made up of many alternative cryptocurrencies.
According to wallet analysis, the majority of Base users made typical transactions of $500 to $1,000 worth of ether. The transfer of $17 million was made possible by “0xcc…1763,” the wallet with the most bridging tokens.
A recent Wednesday saw the formal debut of Coinbase’s Base blockchain at 12 p.m. ET (16:00 UTC), setting a major precedent as the first instance of a publicly listed business releasing its own blockchain.
The expectation that many investors had already bridged to Base before the formal debut may have contributed to the comparatively slow first day of activity. This was done by using a deposit address meant for developers, which was then used to profit from several cryptocurrencies, also known as “sh**coins.”
Late in July, the debut of the popular meme currency “BALD” encouraged traders to profit from the impending formal launch, which resulted in the transfer of almost $66 million across a one-way bridge to Base. Base certainly accumulated $68 million in ether in less than 48 hours thanks in part to the temptation of quick meme-coin earnings, as seen by BALD’s stunning 4,000,000% increase and subsequent crash. As a result, the launch event outperformed prominent networks like Arbitrum throughout the course of the weekend, generating over $200 million in trading volume and an excess of transactions.
Coinbase is adamant about using the new Base network to draw customers and make money in regardless of external worries about possible frauds and rug pulls. To commemorate the Base mainnet debut, the exchange organized “On-chain Summer,” a virtual festival with more than 50 businesses, including Friends With Benefits and Coca-Cola. Through the end of August, these activities are supposed to go on.
Additionally, Coinbase is urging users to transfer their ether to Base so that it may be used to generate a free non-fungible token (NFT) to mark the mainnet debut. According to Etherscan statistics, more than 125,000 people have generated more than 30 million free NFTs in response to this offer.