Nansen, a blockchain market intelligence firm, recently published a comprehensive report analyzing the behavior of the earliest whales on Coinbase’s layer 2 blockchain, Base. The report sheds light on how these early adopters are utilizing their funds and provides valuable insights into their investment strategies.
According to Nansen’s findings, the early whales predominantly allocated their funds to Ethereum and its layer 2 networks. As of August 7, the largest portion of their holdings, with a value of $19.6 million, was in Ethereum itself, followed by Base with $17.6 million. Other notable allocations were seen in Arbitrum and Optimism.
In terms of specific tokens, ETH was the most common holding, with a value of $11.6 million. Interestingly, there were also significant allocations to memecoins such as Bald ($2.7 million, skewed by the BALD deployer), UNIBOT ($284,000), and BITCOIN ($273,000).
The report highlights that the early whales frequently interact with popular decentralized exchanges (DEXs) such as Uniswap and 1Inch. These DEXs, along with stablecoins, layer 2 solutions, and common DeFi applications, make up the majority of their activity.
Nansen points out that the protocol usage of these whales tends to revolve around a few “trustworthy” DeFi apps. This suggests that they prioritize established and reliable platforms within the decentralized finance ecosystem.
Based on the analysis, Nansen concludes that many of the early depositors on Base can be classified as “crypto-native degens.” These individuals actively engaged with the platform even before its official launch, indicating a strong interest in exploring new and emerging blockchain solutions.
On August 9, Base was officially launched, attracting an impressive 136,000 daily active users within the first two days. This rapid adoption highlights the significance of Coinbase’s layer 2 blockchain and its potential impact on the crypto ecosystem.
Nansen’s report provides valuable insights into the behavior and investment strategies of the earliest whales on Coinbase’s Base blockchain. The allocation of funds to Ethereum and its layer 2 networks, along with the interaction with established DeFi apps and DEXs, showcases the preferences of these early adopters. Furthermore, the engagement of “crypto-native degens” before the launch of Base indicates strong enthusiasm for innovative blockchain solutions. As the Base ecosystem continues to develop, it will be interesting to see how these early whales navigate and shape this emerging market.