The Coinbase-backed Layer 2 network Base has reached significant growth, surpassing Solana in the number of new tokens created in a day.
Achievements of Base Network
On July 27, the Base network exceeded Solana for the first time, adding 54,341 new tokens compared to 25,460 from Solana. In the past month, the number of daily token launches on the Base platform has increased from 6,649 to over 50,000.
Influence of Zora and Farcaster Platforms
A key driver of this growth was the integration of decentralized networks Zora and Farcaster into the Base App. Zora transforms every Farcaster post into an ERC-20 token with liquidity on Uniswap, and authors receive 1% of trading fees in ZORA tokens. Farcaster, being a Web3 social network, boosts user engagement by distributing tokenized content. As of August 2, Zora accounted for 64.6% of total launches on the Base and Solana networks, creating 39,778 new tokens.
Decline in Solana Activity
Trading activity on leading platforms within the Solana ecosystem has been decreasing since early August. On Pump.fun, the number of users dropped from 346,000 in July to 129,000, while trading volume fell from $337 million to $150 million. The LetsBonk platform shown similar trends, with active traders increasing from 208,000 to 260,000, while trading volume decreased from $518 million to $242 million. According to DeFi Llama, Pump.fun also saw a revenue decline, with July earnings at $24.96 million, down 80% from its peak of $130 million in January.
The growth in activity for Base network and the decline in Solana trading highlight changing trends in the token market. The integration of decentralized platforms like Zora and Farcaster plays a key role in this process.
