Base Saw Over $750 Million Netflows Over Past Month, Nearly Doubling Solana's Capital Inflow
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Coinbase's Ethereum layer-2 scaling solution Base has, over the last 30-day period,d seen total net inflows of around $756 million, making it the leading chain by the metric with more than twice the netflows of the runner-up Solana (SOL).
According to data from crypto terminal Artemis, over the past mont,h Coinbase's layer-2 saw $1.2 billion inflows and $448 million outflows, leading to a net flow of $756.7 million, while runner-up Solana saw $703.5 million inflows and $372.6 million outflows, meaning it saw a total net flow of $330.9 million.
In third place was Sui, with $255 million inflows and $177.1 million outflows, meaning it had a net flow of $77.8 million while still seeing significant growth. Base's explosive netflows come at a time when the number of daily active addresses on it has surged.
Base and Solana's netflows. Source: Artemis
That growth in active addresses also came after the exchange's layer-2 network saw significant stablecoin inflows of around $75 million, a figure that was notably below the $420 million that entered the Solana network over the same period.
Base's decentralized finance (DeFi) ecosystem has notably seen surging, having risen from around $440 million at the beginning of last year to now stand at $3.46 billion, with major protocols within it including decentralized exchanges Aerodrome and Uniswap, as well as lending protocols Morpho, Aave, and Moonwell.
Base's Netflows Contrast With Those of Ethereum, Arbitrum
While the layer-2 scaling solution supported by the Nasdaq-listed cryptocurrency exchange has been seeing significant net flows, the layer-1 network it's built on top of saw significant outflows over the same period.
Artemis' data shows that $3.9 billion flowed into Ethereum, while $4.1 billion was withdrawn from the network, leading a net outflow of $185.1 million. Suffering more than Ethereum was rival layer-2 network Arbitrum, which saw $1.4 billion inflows and $2.3 billion outflows, leading to a net outflow of $896.4 million.
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