Coinbase’s consumer wallet is no longer just a front door to Base. By design, the rebranded Base App supports multichain access for trading, payments and mini‑apps. The strategic bet is clear: reduce chain lock‑in at the app layer to grow users and on‑chain commerce. The open question is whether this broader funnel lifts Base itself or gradually dilutes it.
On-chain evidence is mixed but timely. Base posts heavy activity and a payments‑centric liquidity base, while a large share of its capital is bridged rather than native. DeFiLlama reports Total Value Locked around $4.65 billion, roughly 262,505 active addresses in 24 hours, and about 11.07 million daily transactions, with bridged TVL shown at $12.73 billion. Stablecoins dominate the stack, with about $4.899 billion in stablecoin market cap and USDC at approximately 85.6% share on Base (DeFiLlama). This profile suits a cross‑chain consumer app. The risk is that a looser, multichain experience pushes flows whe
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