A leading Ethereum layer-2 network, Base, has crossed the $8 billion Total Value Locked (TVL) mark, surpassing Optimism’s OP Mainnet.
According to L2Beat data, as of June 10, Base’s TVL stands at $8.08 billion. This includes $2.14 billion of canonically bridged value—assets locked on Ethereum to be represented on Base—and $5.92 billion in natively minted assets.
Last week, Base, backed by Coinbase, claimed the top spot in the Superchain ecosystem as the largest chain. It currently ranks as the second-largest Ethereum scaler in TVL, trailing Arbitrum One’s $18.27 billion.
The network hit the $1 billion TVL mark on Feb. 27, just seven months after its launch in August. Since then, it has grown eight-fold in the last 104 days, showcasing its rapid expansion.
In terms of transactions per second (TPS) over the last month, Base leads all Ethereum layer 2s with 30.36 TPS, surpassing Arbitrum One at 23.52. Base processed a remarkable 64.95 million transactions over the past 30 days.
Base’s financial success is highlighted by its record on-chain profits, reaching $16.9 million in March and maintaining a lead over other Ethereum layer 2s despite a dip to $6.98 million in May, as per “niftytable” on Dune Analytics.
Despite its success, Base has faced challenges. Its popularity with memecoins attracted scammers, leading to an 18-fold increase in funds stolen from phishing scams between January and March.
Analysts at asset manager VanEck predict that Ethereum layer-2 scaling networks, including Base, will achieve a combined $1 trillion market cap by 2023.
Base did it again! It has crossed Op mainnet by TVL second time in a month. It became the largest chain within the Superchain ecosystem with 20% growth since May.
Base’s rapid growth and financial success underscore its position as a key player in the Ethereum ecosystem, driving innovation and scalability for decentralized applications (dApps) and the broader blockchain industry.
