Base is currently the third largest Layer 2 network after Arbitrum One and OP Mainnet, with $4.17 billion in total value locked.
Base's TVL has skyrocketed over the past few weeks, driven by heavy trading on decentralized exchanges.
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Posted on April 8, 2024 at 3:46 AM ET.
Coinbase's Layer 2 network Base has surpassed a new high of $4 billion in Total Value Locked (TVL), moving it up to the third-ranked Ethereum scaling solution behind Arbitrum One and OP Mainnet.
according to data According to L2 Beat, $2.7 billion of Base’s $4.17 billion TVL was minted natively on the blockchain, $1.46 billion was legitimately bridged, and $3.64 million was natively bridged. . Officially bridged refers to assets that are locked to Base through the cross-chain bridge infrastructure Ethereum.
Base's transactions per second (TPS) also exceeded Ethereum, with Base achieving an all-time high of 34 TPS compared to Ethereum's 14 TPS. data From the token terminal.
>3 million transactions (34 TPS) @base Yesterday for the first time pic.twitter.com/dcVX5X8fTe
— Jesse Pollak (jesse.xyz) 🛡️ (@jessepollak) April 5, 2024
Base also surpassed other major Layer 2 networks in 30-day transaction count with 50.5 million transactions, surpassing Arbitrum One’s 40.17 million transactions and Ethereum’s 37.87 million transactions over the same period.
Of course, meme coin trading has contributed in part to this record-breaking network activity in March, with coins like Toshie, Normie, and Base God all posting double-digit gains over the weekend.
A more important driver of long-term network effects is the surge in trading activity across decentralized exchanges (DEXs) on Base. Beyond Last week's daily trading volume was $1 billion.
Base-native DEX airfields are among the biggest beneficiaries of this. Growing TVL increased over 380% in nine weeks to $580 million.
However, the biggest anticipated catalyst for Base that analysts are watching closely is the upcoming rollout of Coinbase's smart wallet, which will feature a wallet-as-a-service feature that will be compatible with all EVM networks, including Base.
Coinbase targets 100 million users with new wallet, aims to onboard more people to the Base ecosystem without the complexity of users directly interacting with decentralized finance protocol infrastructure I plan to make it.
Max Branzburg, head of consumer products at Coinbase, said last week that the company plans to move more customers and businesses' USDC balances to Base.
