- The Base network, an Ethereum Layer-2 solution, has broken through the $8 billion total value locked (TVL) barrier recently.
- This achievement arrives shortly after Base overtook Optimism in the TVL rankings.
- Data from L2Beat shows that as of June 10, Base’s TVL stands at $8.05 billion, with $2.14 billion in Ethereum assets and $5.92 billion in locally minted assets.
Discover the latest milestone for Base in the Ethereum Layer-2 ecosystem, now surging past $8 billion in TVL. Read on for in-depth insights and future projections.
Base’s Framework Continues to Break Records
Supported by Coinbase, Base recently surged past OP Mainnet to become the second-largest Ethereum scaler by TVL, following Arbitrum One, which holds $18.27 billion. Base reached $1 billion in TVL on February 27, just seven months after its launch last August. In an astonishing display of growth, its TVL has amplified eightfold within a span of just 104 days. The network outperformed last month with an average of 30.36 transactions per second, leading all Ethereum Layer-2 networks. Over the past 30 days, Base tallied an impressive 64.86 million transactions.
Key Performance Metrics
Data compiled by Dune Analytics and Niftytable highlights Base’s dominance in the Layer-2 ecosystem. The network reported the highest on-chain profit among its peers over the last three months. In March alone, Base achieved a record-setting $16.9 million in profit, although this figure dipped to $6.98 million in May. The heightened activity related to memecoins in early 2024 substantially boosted Base’s profitability. Yet, this surge in activity also fostered an 18-fold increase in funds stolen through phishing scams from January to March. Asset manager VanEck anticipates that Ethereum Layer-2 scaling networks could reach a total market value of $1 trillion by the year 2025.
Significant Insights on Data Trends
Scrutinizing recent data provides some compelling insights:
- Base’s TVL has rocketed to $8.05 billion, multiplying eight times in just 104 days.
- The network led Ethereum Layer-2 platforms in transaction volume last month, averaging 30.36 transactions per second.
- On-chain profit for Base soared to $16.9 million in March but subsequently declined to $6.98 million in May.
- The memecoin boom notably enhanced Base’s earnings but also spurred a rise in phishing scams.
Conclusion
Base’s rapid ascension and significant transaction volumes underscore its burgeoning influence within the Ethereum Layer-2 sphere. Nonetheless, the concomitant rise in phishing scams accentuates the necessity for heightened security measures as the network continues to expand. Investors should remain vigilant and conduct comprehensive research before diving into the dynamic and volatile realm of cryptocurrencies.
