Base Leads Ethereum Scaling with $8B TVL, Surpassing Optimism
In A Nutshell
The Total Value Locked (TVL) on the Ethereum layer-2 network, Base, has seen a significant surge to $8 billion, marking a notable milestone for the network. This development occurs shortly after Base surpassed Optimism’s OP Mainnet, positioning itself as a leading force in the Ethereum scaling solutions landscape. With a remarkable growth trajectory and an impressive transaction rate, Base has cemented its status as a top performer among Ethereum layer 2 solutions.
Base’s Rapid Growth Trajectory
Recent data from L2BEAT reveals that Base’s TVL has reached $8.05 billion as of June 10. This amount includes $2.14 billion of canonically bridged value, which represents assets locked on Ethereum and represented on Base, and $5.92 billion in natively minted assets. This achievement comes after Base exceeded the OP Mainnet, becoming the largest chain within the Superchain ecosystem and the second-largest Ethereum scaler in terms of TVL, trailing only behind Arbitrum One’s $18.27 billion.
The network’s growth has been exponential, with the TVL reaching the $1 billion mark on February 27, merely seven months post-launch. Since then, Base’s TVL has increased eightfold in just 104 days, demonstrating the network’s substantial and swift expansion.
Leading Performance Metrics
In addition to financial growth, Base leads all Ethereum layer 2s by transactions per second over the last month, averaging 30.36 transactions per second and surpassing Arbitrum One’s 23.52. Over the past 30 days, Base has processed 64.86 million transactions, highlighting its capability to handle substantial volume efficiently.
Profitability and Meme Coin Popularity
Base has also been the most profitable Ethereum layer 2 network for the past three months, with a record on-chain profit of $16.9 million in March. Despite a 58.6% decrease in profits to $6.98 million in May, Base remains ahead in profitability compared to other Ethereum layer 2 solutions. Much of these profits were generated during the recent surge in memecoin popularity, although this trend has also attracted scammers, resulting in a significant increase in funds stolen from phishing scams.
Our Take
Base’s rapid ascent in the Ethereum layer 2 ecosystem is a testament to the network’s robust infrastructure, efficiency, and the growing trust and adoption among users. Its leading performance in transactions per second and its significant TVL growth reflect a promising trajectory for Base’s role in Ethereum’s scaling solutions. However, the network’s challenges, including increased scam activity, underscore the need for continuous improvement in security measures to protect users. As Base navigates these challenges and capitalizes on its strengths, it remains a critical player in the broader ambition to scale Ethereum effectively, serving as a key infrastructure for the future of decentralized finance and beyond.
