- Coinbase exchange’s layer-2 scaling solution, Base, has shown significant growth since the beginning of the year.
- Recent data from DeFiLlama reveals that Base’s Total Value Locked (TVL) has reached an all-time high of $1.784 billion.
- Base surpassed the $1 billion TVL milestone earlier in March.
Layer-2 scaling solution Base achieves record-breaking growth in TVL to $1.784 billion.
Base-Optimism Flip
Compared to Base, Optimism is a more established protocol. Nevertheless, the newer Base protocol has managed to keep up with strong growth figures due to a well-defined embrace from the community and developers.
Despite being a recent contender, Base has achieved a TVL of $1.784 billion, significantly higher than Optimism’s $878.62 million. Although both protocols utilize the OP Stack, their adoption rates and rhythms vary considerably.
Base’s leading application, Aerodrome, holds a TVL of over $712 million. Meanwhile, Aerodrome’s TVL on Optimism stands at $147.01 million. Uniswap, another major application on both platforms, reports a TVL of $314 million on Base compared to $73.97 million on Optimism.
The OP Stack ecosystem includes more than just Base and Optimism, with other notable protocols such as opBNB, Farcaster, and Zora Network, among others. These protocols have also shown notable growth, but Base currently leads in terms of TVL.
OP Stack and Growth Hurdles
Despite its notable success, Base has not been without challenges. Critics often point to the proliferation of meme coins with short lifespans as a significant issue.
Network congestion on Base has occasionally led to disruptions within the Coinbase ecosystem. Additionally, the OP Stack ecosystem has faced security vulnerabilities, highlighted by Sonne Finance’s recent $20 million exploit.
Conclusion
In summary, Base’s remarkable TVL growth underscores its strong market adoption and the robust performance of certain applications. However, ongoing challenges, such as network congestion and security concerns, need to be addressed to ensure sustained success and stability. The future looks promising for Base, provided it can navigate these hurdles effectively.
