Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Please contact a financial professional and conduct your own research before making any investment decisions. Although we believe all content is accurate as of the date of publication, certain offers mentioned may not be currently available.
In a significant development, Coinbase's Layer 2 blockchain, Base, now has Total Value Lock (TVL), a cryptocurrency metric used to measure the total value of locked or staked digital assets. It is on track to surpass Arbitrum as the largest Ethereum Layer 2. Certain decentralized finance (DeFi) platforms.
According to IntoTheBlock, Base has been in operation for just over a year, but is rapidly closing the gap with Arbitrum.
“Base, Coinbase’s L2 blockchain, which has been running for just over a year, is on the verge of overtaking Arbitrum as the largest Ethereum L2 by TVL,” IntoTheBlock writes.
Although still in its early stages, Base has established a unique position in the Layer 2 industry through strategic synergies with Coinbase, one of the largest crypto exchanges, and Optimism, one of the leading L2 technology stacks. I'm doing it.
Coinbase ranks as the largest publicly traded cryptocurrency exchange in the U.S., and Base provides an entry point to introduce these users to DeFi. This incentivizes decentralized applications to build on top of Base, as it allows them to use Coinbase’s existing product and user base to access a new pool of non-DeFi natives.
related
Therefore, Base has seen a surge in user adoption and transaction volume, contributing to TVL.
According to DefiLlama, Arbitrum's total value locked (TVL) is currently $2.595 billion. Base's Total Value Locked (TVL) is currently $2.358 billion, closing in on this number.
Basic news
Following a teaser of the WBTC alternative in August, Coinbase debuted a wrapped version of Bitcoin cbBTC in September. The cbBTC token will launch on Ethereum and Base networks, allowing users to spend Bitcoin in their respective decentralized financial ecosystems.
related
In other news, Paymaster now allows users to pay for gas using custom ERC-20 tokens on Base. This feature increases the utility of the token, drives app engagement, and allows users to purchase gas using USDC or custom tokens instead of ETH.
Also, as a warning, there is a new scam circulating in the Base community. Attackers are asking users to download video conferencing software that contains malware to compromise their devices and wallets. Users are advised to be cautious and continue using known programs such as Meets, Zoom, and Teams.
