Base L2 Sees $1 Billion in Annualized GDP, January’s User Spending Exceeds $110 Million

The Ethereum L2 network keeps thriving as Base has recently achieved another success. As per the data from Token Terminal, the annualized GDP of the Coinbase-incubated L2 network Base has surpassed $1B as the user spending during January has reached $110M in total. The crypto analytics firm disclosed this development on social media.

Yearly GDP of Base L2 Surpasses $1B While User Spending in January Touches $110M

Token Terminal pointed out that significant surge in Base layer-2 ecosystem because of the growing user spending. It added that, during this month, the cumulative consumer spending jumped above $110. As a result of this, the annualized GDP of the platform has exceeded the $1B milestone. The respective spending was divided into $14M on L2 transfer fees and $96M on app fees. This signifies the heightening adoption of dApps developed in the ecosystem. In addition to this, Chain GDP has also recorded a persistent upward movement for Based following 2023’s middle.

The market data points out a considerable growth of Base throughout the recent eighteen months. Following a modest beginning in mid-2023, the ecosystem witnessed a spike in spending during September, after which periodic surges took place in March and May last year Nevertheless, the late 2024 recorded the most substantial progress, leading to an ATH spending in January. Additionally, Base’s aggregated GDP, taking into account the total of the fees spent on the ecosystem of Base, has expressed a robust uptrend.

Milestone Fortifies Platform’s Status and Further Expansion

According to Token Terminal’s data, the transfer fees on Base indicate a relatively stable position. Nonetheless, the primary growth drive has been spiking demand for the decentralized applications operating in the ecosystem. As Base L2’s yearly GDP has now crossed $1B, the platform is strengthening its position and ecosystem expansion.