Base

Base Ecosystem Update

Reth: Accelerating  Base, Optimism and Symbiotic

Aerodrome: The Liquidity Hub of Base

Across Protocol: Based on Intents

**What is Base?**\
Base is an Ethereum Layer 2 network developed by OG crypto exchange Coinbase. It's built on the same OP Stack that powers Optimism, and was launched as a low-cost, developer-friendly rollup that settles on Ethereum while delivering dramatically improved speed and efficiency. Unlike many other Layer 2s, Base does not have (and does not plan to issue) a native token. Instead, it uses bridged ETH to cover gas fees. While it inherits Ethereum's security, some remain concerned by its current centralization and the general risks associated with Layer 2 solutions.​

**Base dashboard**

This Base dashboard captures  fee volume, application revenue, transaction patterns, and stablecoin activity on the network. Whether you're analyzing ecosystem growth,  tracking the L2’s financial profile, or building on Base, this tool consolidates many critical metrics into one accessible interface. We divide data across two tabs: Financials and On-chain Activity.

**How can I use Base analytics?**

We have organized the Base dashboard into two primary sections: Financials and Onchain Activity. Each section draws from live blockchain data and uses standardized calculations to help you understand what's happening on the network.

**Financials**

*   Network REV (Real Economic Value) from Base transaction fees
*   Application-level revenue data sourced from DefiLlama
*   Stablecoin transfer volume and circulating supply

**On-chain Activity**

*   Daily transaction counts and trends over time
*   Active addresses and usage by wallet type
*   DEX traffic and token swap activity

Users can surface short-term volatility and long-term trends by exploring these metrics across daily, weekly, monthly, or yearly intervals.

**How is Base data gathered?**\
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We use a combination of high-quality indexers (including Dune and DefiLlama), RPC endpoints, and proprietary modeling from Blockworks Research. All metrics are validated across multiple sources and standardized to ensure consistency across all dashboards.

**What is Network REV in Base analytics?**

Network REV (Real Economic Value) represents the total fees paid by users transacting on Base. Because Base is a rollup without additional tipping layers, its REV reflects only in-protocol transaction fees. REV is an effective barometer for demand on the network, capturing monetary throughput from user activity and providing a common metric for comparing Base to other Layer 2s.

**What is application revenue on Base?**

Application-level revenue refers to fees collected by the decentralized apps built on Base. This includes DeFi platforms, games, NFT marketplaces, and more. Tracking application revenue allows us to pinpoint which protocols are most valuable on Base and reveals how user activity generates ecosystem-wide revenue. These metrics are sourced via DefiLlama.

**Why is on-chain activity important in Base analytics?**\
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Base's on-chain data provides insights into the network's actual dynamics, including the number of active users, the apps they use, and the types of transactions they conduct. Metrics such as transaction count, wallet growth, and stablecoin volume are strong indicators of adoption.\
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**What applications are most active on Base?**

Our dashboard tracks revenue and usage metrics across various Base protocols — from DEXs and bridges to consumer-facing applications — providing users and analysts with early insights into emerging trends and high-performing projects.

**How can I track DEX activity on Base?**

The Base dashboard's DEX tab allows users to track swap volume, trading pairs, and liquidity flows across Base-native decentralized exchanges. This data can be used to monitor protocol competitiveness, user behavior, and capital movement across assets.


Overview

Financials

Onchain Activity

DEX Activity

Stablecoins

Base - Overview

Currently only tracks a subset of applications

Base: Total Application Revenue

Base: Transaction Activity

Real Economic Value is a standardized metric that tracks blockchain value accrual generated by user activity. REV consists of both in-protocol transaction fees and out-of-protocol tips that users pay for transaction execution, so it measures the monetary demand to transact onchain.

In the case of Base, there are no out-of-protocol tips. All REV is generated by in-protocol transaction fees, of which there are three types. 

  - **L1 Fee**: Covers the cost of submitting L2 transactions to Ethereum mainnet L1. It fluctuates based on Ethereum mainnet's network congestion.
  - **L2 Base Fee**: The minimum fee required for a transaction to be included in a block, dependent on the Base's network congestion.
  - **L2 Priority Fee**: An additional fee paid to prioritize a transaction within a  block. OP Stack chains like Base rely on priority ordering, where higher paying transactions are executed first, so priority fees enable sophisticated users to effectively bid for inclusion. 


Network REV for Base only consists of transaction fees

Base: Network REV (Real Economic Value)

Transfers for DAI & USDC

Base: Stablecoin Supply and Transfer Volume

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