TL;DR
- Base has surpassed $8 billion in total value locked (TVL).
- The Base network leads transactions per second among Ethereum layer 2 solutions.
- Base has been the most profitable Ethereum scaling solution for three consecutive months.
The Base Network, an Optimistic Rollup built on Ethereum using OP Stack technology, has reached a significant milestone by surpassing $8 billion in total value locked (TVL).
This growth comes just days after Base surpassed OP Mainnet, positioning itself as Ethereum‘s second-largest scaling solution in terms of TVL, only behind Arbitrum One.
According to L2Beat data, as of June 10, Base’s TVL stands at $8.05 billion, including $2.14 billion in canonically bridged value, i.e. assets locked on Ethereum to be represented on Base, and $5.92 billion in assets natively coined.
Base’s rapid growth since its launch in August 2023 has been notable. In just seven months, it reached the $1 billion mark in TVL on February 27, 2024, and has since shown an impressive increase, especially in the last 104 days.
Additionally, Base leads all Ethereum layer 2 solutions in terms of transactions per second, averaging 30.36 transactions per second over the last month, surpassing Arbitrum One which clocks in at 23.52.
In the last 30 days, Base has processed a total of 64.86 million transactions, consolidating its position as one of the most active and efficient networks.
Base’s profitability has also been notable. Over the past three months, it has been Ethereum’s most profitable Layer 2 solution, posting record profits of $16.9 million in March.
Although profits declined in May to $6.98 million, it still leads compared to OP Mainnet, which reported $1.57 million in profits the same month.
This economic performance is driven in part by the recent popularity of memecoins on the network, which has generated significant transaction volume and therefore increased revenue.
Despite the success, Base’s popularity has also attracted the attention of scammers, resulting in an eighteen-fold increase in funds stolen by phishing scams between January and March 2024.
This challenge highlights the need to strengthen security measures to protect users and their assets on the platform.
The future of Ethereum scaling solutions like Base looks promising
Analysts at asset manager VanEck predict that Ethereum scaling networks could reach a combined market capitalization of $1 trillion by 2023.
This projection highlights the growing interest and investment in these solutions, which seek to improve scalability and reduce transaction costs on the Ethereum network.
Base, with its strong infrastructure and growing adoption, is well positioned to capitalize on this trend and continue its trajectory of growth and leadership in the cryptocurrency ecosystem.
The Base network has demonstrated exceptional performance both in terms of TVL growth, profitability and transaction activity, positioning itself as a key player in the future of Ethereum scalability.
As demand for efficient and secure scaling solutions continues to grow, Base appears well on its way to playing a central role in the evolution of the blockchain space.
