KEYTAKEAWAYS
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Base, incubated by Coinbase and built on OP Stack, has rapidly grown into one of the most active Ethereum Layer 2 networks, with millions of users and billions in DeFi liquidity.
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From Onchain Summer and Friend.tech’s viral rise to Aerodrome and Uniswap dominance, Base has proven its role as both a cultural hub and a financial engine.
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With decentralization progress, enterprise adoption, and Superchain interoperability ahead, Base is positioning itself as the interface between the real world and the onchain economy.
CONTENT
FROM ONCHAIN SUMMER TO FRIEND.TECH: THE EARLY STORY
In the crypto industry, a new blockchain is nothing unusual. But the rise of Base looked different. It was not launched by an anonymous team with a whitepaper, but incubated by Coinbase, the largest regulated exchange in the world. In February 2023, Base opened its testnet and positioned itself as “the onchain gateway for the next hundred million users.” At a time when Layer 2 debates focused on ZK Rollups versus Optimistic Rollups, Base took a pragmatic approach: build on OP Stack, get products live, and move decentralization step by step.
What made Base stand out was Onchain Summer in August 2023. Every day of that month, Base introduced a new experience: NFT artworks, small games, brand perks, and even coffee shop vouchers. Coca-Cola, Doodles, and other well-known IPs joined, giving newcomers a first taste of “onchain” with just a few cents of gas. By the end of the event, over 260,000 unique wallets had joined, minting more than 700,000 NFTs. For many users, this was their first light and simple blockchain experience.
Then came Friend.tech, which turned into an unexpected frenzy. The app allowed users to buy and sell “keys” tied to social accounts, blending speculation with social engagement. In a few weeks, registrations passed 600,000, daily active users peaked above 130,000, and daily trading volume hit $16 million. For a short time, Base even processed more transactions than Ethereum mainnet. The hype cooled quickly, and Friend.tech’s activity dropped over 90%, but the lesson was clear: when onboarding is smooth and costs are low, onchain apps can scale instantly. For Base, it marked a turning point—proof that it was not just a technical experiment, but a real playground for mass adoption.
DEFI AS A CASH FLOW ENGINE: FROM LIQUIDITY TO REAL-WORLD ASSETS
If Onchain Summer and Friend.tech put Base on the map, then DeFi in 2024–2025 secured its role as a cash flow engine. Capital is the sharpest test: liquidity goes where slippage is low, depth is high, and risks are transparent. In just two years, Base became one of the fastest-growing hubs in DeFi.
At the trading layer, Aerodrome Finance and Uniswap emerged as dual pillars. Aerodrome, using a ve(3,3) model, quickly became the main DEX on Base. Uniswap, boosted by user habits, saw hundreds of millions in liquidity migrate by 2024. By mid-2025, Aerodrome’s monthly trading volume reached $20 billion, controlling more than half of Base’s DEX market. Meanwhile, nearly 80% of Uniswap’s active users had shifted to Base. Lower fees meant higher frequency, creating a loop where deep liquidity attracted more flow, which in turn drew more market makers.
Borrowing and stablecoins became another strength. Aave V3 and Morpho launched on Base, with Morpho alone holding more than $1.8 billion in deposits at peak. Native USDC made settlement nearly frictionless: users could move funds from Coinbase into Base USDC, borrow or trade instantly, and recycle liquidity across protocols. In 2025, JPMorgan even chose Base to pilot JPMD, its tokenized deposit project—signaling that traditional finance was ready to test assets onchain.
DeFi here is not only speculation. It is proof of real cash flow. Base linked fiat ramps, custody, and DeFi rails into one fast loop. Collateral, loans, re-staking, and redeployment can now happen within minutes. This industrial feel makes Base the most “internet-like infrastructure” among L2s: not because of one killer feature, but because all the pipes are connected, and capital compounds by speed.
THE DECENTRALIZATION PROGRESS BAR AND RISKS AHEAD
Infrastructure never grows in a straight line. For Base, 2024–2025 meant real steps on the decentralization progress bar. Fraud proofs went live, opening the door for anyone to challenge state commitments. A multi-party security council took over contract upgrades, reducing single-point control. By spring 2025, Base declared itself at “Stage 1 decentralization,” joining a small group of L2s with censorship resistance and self-exit options.
But risks remain. In September 2023, Base suffered a 43-minute outage from sequencer failure. In August 2025, another disruption lasted nearly half an hour. Each incident reminded the community of the fragility behind centralized sequencers. Bridges are another point of tension: only one-third of Base assets inherit Ethereum-level security through the official bridge, while the rest depend on third-party bridges or native issuance. The BALD memecoin scandal in summer 2023 exposed how quickly unchecked projects can drain millions from users.
Regulation also hangs over Base. As a Coinbase-led chain, it enjoys brand trust and institutional interest—but it also carries the risk of compliance pressure. If regulators force Coinbase to block certain addresses or apps, Base could face neutrality challenges. The roadmap toward decentralization is not just about engineering; it is about proving that the network can stand apart from corporate control. Developers and capital will continue testing whether Base truly shifts power back to the protocol itself.
FUTURE COLLABORATION: SUPERCHAIN, ENTERPRISE ASSETS AND NEW SCENES
Looking forward, Base is set up as a wider collaboration experiment. On the technical side, EIP-4844 slashes data costs, pushing fees toward fractions of a cent. OP Superchain interoperability is expected in 2025, enabling Base to share liquidity and contracts directly with Optimism, Zora, Worldcoin, and others. Developers may soon launch L3 subchains on Base, balancing custom features with inherited security—ideal for complex games, corporate networks, or large communities.
On the ecosystem side, Coinbase’s fiat ramps and compliance strengths will keep pulling in enterprises. JPMorgan was only the first; more banks and corporations are likely to test tokenized bonds, points, or memberships on Base. With partners like Stripe, Base is also connecting to over 60 fiat markets, opening access for users in Latin America, Southeast Asia, and beyond. For many, their first blockchain experience may be through a Base wallet.
At the application layer, SocialFi could return in new forms, focused on retention and value sharing instead of speculation. Games and metaverse projects may thrive on Base’s low-cost, high-frequency environment. NFTs will expand beyond collectibles, acting as brand tools and access passes tied to real-world benefits. On governance, while Coinbase has stated no near-term plans for a native token, over time a tokenized community system may be inevitable—both for incentives and for decentralization.
Base’s future is more than Coinbase’s roadmap; it is also the future of Ethereum scaling. If millions—or even hundreds of millions—of users enter Web3 seamlessly through Coinbase and Base, while enterprises anchor real assets onchain, the network will not just be another L2. It will become the interface layer between the real world and the onchain world. Its success or failure will decide whether the scaling narrative moves beyond crypto insiders and into everyday life.
