Bases Total Value Locked Surpasses 8 Billion Making it the SecondLargest Ethereum L2 Solution
Base, a layer-2 network built on Ethereum, has achieved a milestone by surpassing $8 billion in Total Value Locked (TVL), making it the second-largest Ethereum scaling solution after Arbitrum One.
Over the past month, Base has outperformed all other Ethereum layer-2 networks in transactions per second (TPS), processing a total of 64.95 million transactions. This growth is remarkable considering that the network reached $1 billion in TVL just 104 days ago and has since grown eight-fold.
Despite a slight decrease in profits from March to May, Base has been the most lucrative Ethereum scaling solution for three consecutive months. Currently, the network’s TVL is at $8.08 billion, with $2.14 billion in canonically bridged value and $5.92 billion in natively minted assets.
Launched in August 2023, Base has experienced rapid expansion, backed by Coinbase. This growth has propelled Base to surpass Optimism’s OP Mainnet and become the second-largest Ethereum scaling solution in terms of TVL, trailing only Arbitrum One, which currently holds $18.27 billion.
In addition to its impressive TVL, Base has also led in terms of transactions per second (TPS) over the last month, processing 64.95 million transactions at a rate of 30.36 TPS, surpassing Arbitrum One’s 23.52 TPS. This high transaction throughput demonstrates Base’s scalability and wide adoption among users and developers.
Despite the network’s financial success and rapid growth, it has also faced challenges, particularly in attracting memecoin projects, which has led to an increase in funds stolen from phishing scams. This underscores the importance of user education and security measures in the rapidly evolving decentralized finance (DeFi) space.
Despite these challenges, analysts at asset manager VanEck predict a promising future for Ethereum layer-2 scaling networks like Base. They estimate that these networks could achieve a combined $1 trillion market cap by 2030, driven by factors such as transaction pricing, developer experience, user experience, trust assumptions, and ecosystem size.
