Nasdaq-Listed Crypto Exchange Coinbase’s Layer 2 Scaling Solution, Base, has gone from being a leader in 2024 in terms of capital flow through transverse chain bridges to the top loser this year.
Data from Artemis Terminal Shows Base has seen a net outflow of $ 4.3 billion this year, a sharp contrast to the Net flow of $ 3.8 billion in 2024, which was the highest among the top 20 blockchains.
Meanwhile, Ethereum, the world’s largest smart contract Blockchain, has registered a Net flow of $ 8.5 billion this year compared to a net expulsion of $ 7.4 billion in the previous year.
The data shows that the momentum behind the basic chain is decelerated, with Ethereum that regains its top location.
Crypto Bridges are protocols that facilitate communication and interaction between different blockchains, which improves interoperability. Bridging therefore refers to the action of moving tokens between different networks.
The cumulative supply of stableecoiner on the base has also flattened over $ 4 billion since mid -May along with slower trading volumes, as the diagram below shows.
Base bleeding eth
As per the data source L2Beat is the total number of ether
Deposed on the base has crashed from 1.82 million ETH to just over 835,000 ETH in four weeks.
The trend is consistent with other layers 2 solutions that have seen remarkable ETH flows in recent weeks, according to Michael Nadeau of the Defi Report on X.
According to Coinbases protocol specialist Viktor Bunin, the outflows are probably due to binance that draws capital to layer 1.
“The vast majority are just binance that retires to L1. They kept a wicked amount of L2S. Unclear whether they got incentives to keep it there or just don’t balance across their supported chains,” Bunin said at X.
