The Base Blockchain, launched by Coinbase in 2023, is thriving during the ongoing bear market in the crypto industry. The network's user base is growing and surpassing other blockchains like Avalanche, Polygon, and Cronos. The number of active addresses and transactions on Base Blockchain has reached record highs, and daily deployments have also risen to all-time highs. The network's popularity is attributed to its fast speeds and low transaction costs, which have attracted more developers and users. Base Blockchain currently has 348 decentralized finance dApps and a total value locked of $1.57 billion, making it the sixth-largest chain in the industry. It has also become the third-largest chain in the decentralized exchange industry, processing a volume of $3 billion in the last seven days. One of the key advantages of Base Blockchain is its low gas fees compared to Ethereum and Tron. This success is beneficial for Coinbase, which has been losing market share to competitors like Crypto.com, Huobi, and Bybit. Despite the tough market conditions, Coinbase has handled a substantial crypto volume, although slightly lower than its competitors.
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