Solana Co-Founder Criticizes Ethereum’s Reliance on Base Layer 2 Growth Metrics

• Base Layer 2 has seen rapid growth, with active addresses and TVL hitting record highs.
• Solana’s co-founder claims Ethereum’s ecosystem would be struggling without Base’s contributions.
• Ethereum has faced challenges post-Dencun, with Base capturing a significant share of transactions and revenue.

Anatoly Yakovenko, co-founder of Solana, has raised concerns about Ethereum’s ecosystem, questioning its vitality without Base, a Layer 2 solution. Base, built on Ethereum, has experienced rapid growth in several key metrics, including active addresses and transaction volumes. 

Recent reports show Base reaching record highs in total value locked (TVL) and stablecoin market cap, boosted by its integration with Coinbase and the popularity of meme coins like MOG and BRETT. These coins have become top performers within the Base ecosystem, driving user activity and contributing to its market position. 

According to data from DefiLlama, Base has reached $1.36 billion in TVL, with platforms like Aerodrome Finance playing a major role in this surge.

Yakovenko highlighted that without Base’s significant contributions, Ethereum’s ecosystem would be struggling, particularly in the aftermath of Ethereum’s Dencun upgrade. 

This upgrade has not delivered the expected results, with Ethereum experiencing inflationary pressure and declining revenues. In contrast, Base’s rise has captured a notable share of Ethereum’s transaction volume and revenues, solidifying its position among Layer 2 solutions.

On-chain economist Lily Liu also commented on the metrics comparison, suggesting that visualizations of active addresses might be misleading. She noted that Solana reports around 100 million monthly active addresses, significantly outpacing Base’s 22 million. 

Liu suggested that this discrepancy points to an inaccurate representation of activity levels, particularly when comparing ecosystems. She added that other networks like NEAR, with 31 million active addresses, also deserve recognition in these discussions.

As Base continues to outperform Ethereum in terms of growth and user activity, Yakovenko’s comments reflect a broader conversation about the role of Layer 2 solutions in shaping the future of blockchain ecosystems.