{"id":364600,"date":"2024-01-19T08:00:19","date_gmt":"2024-01-19T02:30:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=364600"},"modified":"2024-01-18T14:21:23","modified_gmt":"2024-01-18T08:51:23","slug":"base-no-longer-a-top-10-defi-thanks-to-declining-tvl","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/base-no-longer-a-top-10-defi-thanks-to-declining-tvl\/","title":{"rendered":"Base no longer a top 10 DeFi, thanks to declining TVL"},"content":{"rendered":"<ul>\n<li><i><span style=\"font-weight: 400;\">Base\u2019s TVL has declined consistently in the past few weeks.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">The chain has seen a general drop in user activity.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Following a steady decline in its decentralized finance (DeFi) total value locked (TVL), Layer 2 (L2) blockchain Base has lost its spot among the top 10 chains by TVL, according to data from <\/span><a href=\"https:\/\/defillama.com\/chain\/Base\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DefiLlama<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<figure id=\"attachment_364605\" aria-describedby=\"caption-attachment-364605\" style=\"width: 1312px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-08.49.10.png\"><img decoding=\"async\" class=\"size-full wp-image-364605\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-08.49.10.png\" alt=\"\" width=\"1312\" height=\"1078\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-08.49.10.png 1312w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-08.49.10-300x246.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-08.49.10-1024x841.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-08.49.10-768x631.png 768w\" sizes=\"(max-width: 1312px) 100vw, 1312px\" \/><\/a><figcaption id=\"caption-attachment-364605\" class=\"wp-caption-text\">Source: DefiLlama<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At press time, the L2\u2019s TVL was $412 million, ranking as the 11th chain with the most DeFi TVL. So far this year, Base has witnessed a consistent fall in DeFi activity, resulting in a fall in its TVL.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, according to data from <\/span><a href=\"https:\/\/app.artemis.xyz\/chains\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Artemis<\/span><\/a><span style=\"font-weight: 400;\">, the total volume of daily transactions executed through the decentralized exchanges (DEXes) housed within Base has plummeted by 28% since the 2nd of January.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For context, as of the 17th of January, Base\u2019s DEX transaction volume totaled $23.34 million. On the 2nd of January, the network recorded a DEX volume of $33.21 million.\u00a0<\/span><\/p>\n<h4><b>User activity on Base\u00a0<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Apart from the decline recorded in its DeFi vertical, the entire Base ecosystem has experienced a decrease in user activity, per data from Artemis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Firstly, the daily count of unique wallet addresses sending on-chain transactions on the network has decreased by 19% since the 23rd of December. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a result of the fall in user count, daily transactions completed during the same period have also dwindled. AMBCrypto found that this has dipped by 29% since the 23rd of December.<\/span><\/p>\n<figure id=\"attachment_364607\" aria-describedby=\"caption-attachment-364607\" style=\"width: 2384px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08.png\"><img decoding=\"async\" class=\"size-full wp-image-364607\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08.png\" alt=\"\" width=\"2384\" height=\"1078\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08.png 2384w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08-300x136.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08-1024x463.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08-768x347.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08-1536x695.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.30.08-2048x926.png 2048w\" sizes=\"(max-width: 2384px) 100vw, 2384px\" \/><\/a><figcaption id=\"caption-attachment-364607\" class=\"wp-caption-text\">Source: Artemis<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">It is common knowledge that the increased adoption Base recorded after it launched in August 2023 was fueled by the activity on the decentralized social network friend.tech. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the uninitiated, friend.tech lets users buy and sell tokenized shares of crypto personalities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, a severe decline in friend.tech\u2019s usage has impacted Base\u2019s network activity. According to data from <a href=\"https:\/\/dune.com\/msilb7\/friendtech-on-base-activity\" target=\"_blank\" rel=\"noopener\">Dune Analytics<\/a>, the count of daily transactions on Base involving a friend.tech trade has fallen significantly since September 2023.\u00a0<\/span><\/p>\n<figure id=\"attachment_364608\" aria-describedby=\"caption-attachment-364608\" style=\"width: 1408px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.31.00.png\"><img decoding=\"async\" class=\"size-full wp-image-364608\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.31.00.png\" alt=\"\" width=\"1408\" height=\"790\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.31.00.png 1408w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.31.00-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.31.00-1024x575.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.31.00-768x431.png 768w\" sizes=\"(max-width: 1408px) 100vw, 1408px\" \/><\/a><figcaption id=\"caption-attachment-364608\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Due to the dwindling hype surrounding the social network, the daily count of addresses buying the keys of other users has dropped by 99% since the 22nd of October 2023.\u00a0<\/span><\/p>\n<figure id=\"attachment_364610\" aria-describedby=\"caption-attachment-364610\" style=\"width: 1408px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.32.34.png\"><img decoding=\"async\" class=\"size-full wp-image-364610\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.32.34.png\" alt=\"\" width=\"1408\" height=\"790\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.32.34.png 1408w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.32.34-300x168.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.32.34-1024x575.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Screenshot-2024-01-18-at-09.32.34-768x431.png 768w\" sizes=\"(max-width: 1408px) 100vw, 1408px\" \/><\/a><figcaption id=\"caption-attachment-364610\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As daily user and transaction count on Base fell, network fees and revenue also declined. AMBCrypto found that on the 1st of January, network fees on Base fell to a two-month low of $40,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regarding network revenue, this has trended downward since the year began. As of the 17th of January, Base recorded a revenue of $7,000, dropping by 33% since the 1st of January, according to data from Artemis.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Base is now ranked as the 11th chain on the list of highest DeFis by TVL.<\/p>\n","protected":false},"author":64,"featured_media":364611,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[950,66,3,4,20],"tags":[],"class_list":["post-364600","post","type-post","status-publish","format-standard","has-post-thumbnail","category-defi","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Base no longer a top 10 DeFi, thanks to declining TVL - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Following a steady decline in its decentralized finance (DeFi) total value locked (TVL), Layer 2 blockchain Base has lost its spot among...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/base-no-longer-a-top-10-defi-thanks-to-declining-tvl\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Base no longer a top 10 DeFi, thanks to declining TVL - 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