Base Surpasses $8 Billion in Total Value Locked: Becomes Second-Largest Ethereum L2

TLDR

• Base, an Ethereum layer-2 network, has surpassed $8 billion in Total Value Locked (TVL), becoming the second-largest Ethereum scaler behind Arbitrum One.
• Base leads all Ethereum layer 2s in transactions per second (TPS) over the last month, processing 64.95 million transactions.
• The network has seen significant growth since reaching $1 billion in TVL in February, increasing eight-fold in the last 104 days.
• Base has been the most profitable Ethereum scaler for three consecutive months, despite a dip in profits from March to May.

Ethereum layer-2 network Base has reached a major milestone, surpassing $8 billion in Total Value Locked (TVL) and overtaking Optimism’s OP Mainnet.

According to data from L2Beat, Base’s TVL currently stands at $8.08 billion, which includes $2.14 billion in canonically bridged value and $5.92 billion in natively minted assets.

Backed by Coinbase, Base has experienced rapid growth since its launch in August 2023. The network hit the $1 billion TVL mark in February and has since grown eight-fold in just 104 days.

This impressive expansion has propelled Base to become the second-largest Ethereum scaler in terms of TVL, trailing only Arbitrum One, which currently holds $18.27 billion.

Base has also been leading the pack in terms of transactions per second (TPS) over the last month. The network processed 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 adoption among users and developers.

Base’s financial success is further highlighted by its record on-chain profits. In March, the network reached a peak of $16.9 million in profits, maintaining its lead over other Ethereum layer 2s. Despite a dip to $6.98 million in May, Base remains the most profitable Ethereum scaler for three consecutive months.

The network’s appeal to memecoin projects has attracted scammers, resulting in an 18-fold increase in funds stolen from phishing scams between January and March. This highlights 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 bright 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.