Key Takeaways
- Base surpassed its closest competitor, Blast, which has a TVL of $2.77 billion
- The base is now the third-largest Ethereum Layer 2 network
Base, the Ethereum layer-2 network backed by Coinbase, has soared past $4 billion in total value locked (TVL), registering a 13.2% surge over the past week, according to data from L2BEAT. Its TVL now sits at $4.15 billion, with $1.45 billion bridged from Ethereum and $2.7 billion in native assets. This recent surge propels Base to the position of the third-largest Ethereum layer 2 network, outpacing Blast by $1.4 billion.
While Base celebrates this growth, other networks like Starknet and Optimism experienced declines in TVL during the same period. Base’s 30-day transaction count also outpaced Ethereum and Arbitrum, hitting 50.50 million transactions.
Additionally, its average daily transactions per second (TPS) rose by 29.7% to 35.19 TPS, surpassing both Arbitrum and Ethereum combined. Moreover, Base’s meme token market capitalization has soared above $1.6 billion, riding on the recent wave of memecoin activity.
However, amidst its success, Base faced a significant challenge: an 18-fold increase in successful phishing scams, resulting in $3.35 million stolen in March alone. Comparatively, in January, Base only lost $169,000 to phishing scams, marking a dramatic increase in fraudulent activity.
Despite these hurdles, Ethereum’s efforts to improve layer-2 transaction data processing, such as the recent Dencun update reducing fees, could offer benefits to platforms like Base. Analysts foresee Ethereum’s scaling ecosystem reaching a $1 trillion market capitalization by 2030, providing ample opportunities for layer-2 solutions like Base to flourish.
Presently, Base holds the third position among Ethereum layer-2 solutions by TVL, outperforming Blast but trailing behind Optimism and market leader Arbitrum. With ongoing developments in the Ethereum ecosystem and concerted efforts to address security concerns, Base is well-positioned to sustain its growth within the layer-2 landscape
