Base Bleeds Billions, Ethereum Rejoices 🤑

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Ah, the whims of fate! It seems that Coinbase’s Layer 2 solution, Base, has gone from being the belle of the ball to the wallflower of the blockchain world. A net outflow of $4.3 billion this year has left it reeling, a far cry from its previous position as a top performer. 🤦‍♀️

  • Base’s decline is a stark reminder that even the mighty can fall. Its net outflow of $4.3 billion is a reversal of its previous net inflow of $3.8 billion in 2024.
  • Ethereum, on the other hand, has seen a significant recovery with a net inflow of $8.5 billion, regaining its leading status among blockchains. It seems that the world’s largest smart contract blockchain has finally found its footing. 💪
  • The decline in Base’s performance is attributed to Binance withdrawing capital to Layer 1, impacting the overall ether deposits on the platform. It’s a classic case of “follow the money,” or in this case, the lack thereof. 💸

Data from the Artemis Terminal shows that Base’s net outflow is a stark contrast to its previous net inflow. It’s a reminder that the blockchain world is constantly in flux, and even the most seemingly stable players can experience a reversal of fortunes. 🌪️

Meanwhile, Ethereum’s net inflow of $8.5 billion is a testament to its enduring popularity. It’s a reminder that even in the face of adversity, the blockchain world can be a cruel mistress. 😏

The data show that the momentum behind the Base chain has decelerated, with Ethereum reclaiming its top spot. It’s a classic case of “the king is dead, long live the king.” 👑

Crypto bridges are protocols that facilitate communication and interaction between different blockchains, enhancing interoperability. Bridging, therefore, refers to the act of moving tokens between different networks. It’s a complex world, but someone’s gotta do it. 🤓

The cumulative supply of stablecoins on Base has also flattened above $4 billion since mid-May alongside slower trading volumes. It’s a reminder that even the most seemingly stable assets can experience a downturn. 📉

BASE bleeding ETH

According to the data source L2BEAT, the total number of ether deposited on BASE has crashed from 1.82 million ETH to just over 835,000 ETH in four weeks. It’s a stark reminder that even the most seemingly stable players can experience a reversal of fortunes. 🚨

The trend is consistent with other Layer 2 solutions, which have seen notable ETH outflows in recent weeks. It’s a reminder that the blockchain world is constantly in flux, and even the most seemingly stable players can experience a downturn. 🌪️

According to Coinbase’s Protocol Specialist Viktor Bunin, the outflows are likely due to Binance withdrawing capital to the Layer 1. It’s a classic case of “follow the money,” or in this case, the lack thereof. 💸

“The vast majority is just Binance withdrawing to L1. They kept an ungodly amount on the L2s. Unclear if they were getting incentives to keep it there or just didn’t balance across their supported chains,” Bunin said on X. It’s a reminder that even the most seemingly stable players can experience a reversal of fortunes. 🤦‍♀️

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2025-07-04 16:01