Base’s Total Value Locked (TVL) has reached $4.360 billion, surpassing Blast and becoming the new contender among Ethereum’s top layer2 networks.
Base is a second-tier or L2 chain that went live last August in the Ethereum ecosystem. This network was designed using Optimism technology, another Ethereum layer 2, with the aim of providing a blockchain infrastructure that was secure, low-cost, and easy to use for both developers and users.
The Base Network is backed by one of the leading exchanges in the ecosystem, Coinbase, to drive adoption of emerging technologies and bring the next billion users to Web3.
Thanks to its design, Base has become home to several Web3 protocols, such as Uniswap, which has seen its TVL grow exponentially in a short time. As mentioned at the beginning, Base maintains a total of $4.360 billion dollars deposited in their smart contracts, at the time of this writing.
According to data from the L2Beat platform, with this value, Base has surpassed Blast and is positioned as the third largest L2 network in the Ethereum ecosystem, behind Arbitrum and Optimism.
Base TVL grew 17% in the last week
Base’s exponential growth in TVL is driven by the implementation of the Dencun upgrade, which went live on the Ethereum mainnet last month. This upgrade marked an important milestone for the development of Ethereum’s second-layer ecosystem, enabling faster and cheaper transactions for L2 network users.
According to the platform data, Base TVL has increased by 17,6% in the last weekOn the other hand, the data shows that the value of tokens minted natively within the network has experienced an increase of 18,5% in the same period.
Source: L2Beat
With these values, the network has set new all-time highs in terms of TVL, demonstrating its current relevance in the development of decentralized applications (DApps).
New historical highs are reached
In addition to reaching a new all-time high in its TVL, the Base network has also surpassed Ethereum's number of transactions per second, reaching a total of 36 TPS.
On data On-chain data shows that the number of daily transactions on the Base network rose to 3,2 million for the first time last week, while the total number of transactions processed each week exceeded 20 million tx.
Source: Dune Analytics
Also, the number of new users on the Base chain increased exponentially, by 3.800%, after the Dencun implementation. According to data from Dune Analytics, Almost 620 thousand new users joined the chain the March 15.
The number of daily active users on the network is also at an all-time high, recording around 400 thousand active users per day on the chain since mid-March.
The role of memecoins
Trading activity in memecoins has also had a major impact on Base’s growth metrics. These cryptocurrencies have a strong appeal to “degen” users, who are looking for exceptional returns with low investment. Also, activity on decentralized exchanges (DEX) has driven some of the network’s current growth. However, analysts believe that the upcoming launch of the Coinbase wallet, which will connect to several blockchain networks, including Base, could be a catalyst for L2.
Continue reading: HashKey Group announces the launch of its Ethereum Layer 2, HashKey Chain
