• 19 June, 2024

BASE Shatters $8 Billion TVL Milestone, Overtakes Optimism: Report

The Ethereum layer-2 network Base has achieved a total value locked (TVL) of over $8 billion. This significant accomplishment, reported by renowned analytical platform L2Beat on June 10, comes just days after Base surpassed Optimism’s OP Mainnet, securing its position as a leading force within the Superchain ecosystem.

Source: Image by L2Beat

Base’s current TVL is $8 billion, which includes $2.13 billion of canonically bridged assets from Ethereum and $5.85 billion in natively minted assets. This impressive growth cements Base’s status as the second-largest Ethereum scaler in terms of TVL, trailing only Arbitrum One, which has a TVL of $18.27 billion.

Source: Image by L2Beat

Base’s rapid ascent began on February 27, when it first hit the $1 billion TVL mark, roughly seven months after its launch in August 2023. Since then, the network has experienced exponential growth, increasing its TVL by eight times over the past 104 days.

In addition to its substantial TVL, Base has also demonstrated impressive performance in terms of transactions per second (TPS). Over the past month, Base led all Ethereum layer-2 networks with an average of 30.36 TPS, surpassing Arbitrum One’s 23.52 TPS. Base processed 64.86 million transactions in the last 30 days, highlighting its robust operational capabilities.

Financially, Base has proven to be highly lucrative. Over the past three months, it has generated the highest on-chain profits among Ethereum layer-2 networks. Notably, Base recorded a staggering $16.9 million in profits in March. Although profits declined by 58.6% to $6.98 million in May, Base still maintained its lead, with OP Mainnet trailing at $1.57 million in profits for the same period.

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Source: Image by Dune

The surge in Base’s profitability is partly attributed to the recent memecoin mania that took the cryptocurrency world by storm in early 2024. However, this popularity has also brought challenges. Between January and March, the network saw an 18x increase in funds stolen from phishing scams, highlighting the need for enhanced security measures as it grows.

Analysts at asset manager VanEck predict that Ethereum layer-2 scaling networks could collectively achieve a market cap of $1 trillion by 2023. This projection underscores the significant potential and impact of networks like Base in the rapidly evolving blockchain landscape.

As Base continues to grow and innovate, it remains at the forefront of the Ethereum scaling solution. It demonstrates its technological capabilities and economic potential within the broader cryptocurrency ecosystem.

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