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Looking back at the first 7 days of Onchain Summer

Looking back at the first 7 days of Onchain Summer

It’s been an eventful week since Coinbase launched its new layer-2 network Base to the public, bringing with it a frenzy of activity from everyday crypto users, major brands, and more unfortunately, some bad actors as well. 

Coinbases’ Onchain Summer festival — a three-week-long campaign celebrating the launch of Base — has seemingly attracted a flock of new users to the ecosystem. 

As of Aug. 16, more than 700,000 new users have joined the Base network, and have since bridged a total of $242 million to the network, according to data from Dune Analytics. Activity on the chain peaked on Aug. 10 with more than 136,000 daily active users.

Total number of daily active users on Base. Source: Dune Analytics

In total, the flurry of activity on the network has generated a staggering $2.8 million in fees and has seen the total value locked (TVL) climb to $170.5 million, according to data from DeFiLlama.

The network also announced involvement from one of the world’s biggest soft drinks brands, Coca-Cola, which released its own non-fungible token (NFT) collection on the network.

Crypto-native organizations are also making their way to network. On Aug. 16, DeFi derivatives protocol Synthetix revealed that a motion for it to be deployed on the Base network had been unanimously passed by members of its governing DAO, the Spartan Council.

One of the most notable product launches on Base was the decentralized social (DeSo) network Friend.tech, which allows crypto users to tokenize their social network, by buying and selling “shares” of their friends. Since its launch on Aug. 11, the social media platform has seen some 7,736 Ether (ETH) in trading volume, according to data from Dune Analytics.

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