What Are Whales Purchasing on Coinbase’s Base Network? Nansen Explores

Nansen, a firm specializing in blockchain market intelligence, published a report on Tuesday that examines how the initial whales who joined Coinbase’s layer 2 blockchain, Base, are utilizing their funds.

Here are the findings from the company.

• Initial whales primarily invested in Ethereum and its layer 2 networks. As of August 7, the highest value held by these whales ($19.6 million) was in Ethereum itself, followed by Base ($17.6 million), Arbitrum, and Optimism.
• In terms of tokens, ETH was the predominant holding at $11.6 million. Following this were notable memecoin investments, including Bald at $2.7 million (influenced by the BALD deployer), UNIBOT ($284,000), and BITCOIN ($273,000).
• Some of the most frequently interacted entities by these whales include popular decentralized exchanges like Uniswap and 1Inch.

“The majority of their activity consists of DEXs, stablecoins, L2s, and widely used DeFi applications,” stated Nansen. Similar to token and chain distribution, protocol usage tends to center around a select few “reliable” DeFi applications.

• The analysis focuses on whales who transferred assets to Base prior to its official launch this week, indicating they accessed the ecosystem without a ready front-end.
• From this, Nansen infers that many of these early depositors were “crypto native degens.”

“Upon examining the landscape of Early Base Bridgers, it’s clear that the crypto-native demographic is actively participating in the BASE platform even before its official launch,” the report concluded.

• Base officially launched on August 9, attracting 136,000 daily active users within the first two days.

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