The total value locked (TVL) on Base, an Ethereum layer-2 network, has exceeded $8 billion. This milestone was achieved just days after Base surpassed Optimism’s OP Mainnet in terms of TVL. Data from L2Beat reveals that as of June 10, Base’s TVL stands at $8.05 billion. This figure includes $2.14 billion in canonically bridged value—assets locked on Ethereum that are represented on Base—and $5.92 billion in natively minted assets.
Base, which is backed by Coinbase, recently became the largest chain within the Superchain ecosystem, overtaking OP Mainnet. It is now the second-largest Ethereum scaler in terms of TVL, second only to Arbitrum One, which boasts an impressive $18.27 billion. Base first reached the $1 billion mark in TVL on February 27, just seven months after its launch in August of last year. Since then, its TVL has increased eight-fold over a span of 104 days, demonstrating remarkable growth.
In addition to its impressive TVL figures, Base leads all Ethereum layer-2 networks in terms of transactions per second (TPS). Over the past month, Base has managed to process an average of 30.36 TPS, surpassing Arbitrum One, which processed 23.52 TPS. During this period, Base handled a staggering 64.86 million transactions, highlighting its growing usage and popularity.
Base has also been profitable in recent months, despite some fluctuations. Over the past three months, the network has generated substantial on-chain profits. According to a Dune Analytics dashboard by “niftytable,” Base earned a record $16.9 million in on-chain profits in March. Although this figure dropped by 58.6% to $6.98 million in May, Base still far outstripped OP Mainnet, which reported $1.57 million in profits for the same month.
A significant portion of Base’s recent profits can be attributed to the surge in memecoin activity during the early months of 2024. This popularity has had a downside as well. The network experienced an 18-fold increase in funds stolen from phishing scams between January and March, indicating a growing security concern associated with its rapid growth.
The anticipation surrounding Ethereum layer-2 scaling networks is high. Analysts at asset management firm VanEck project that these networks will collectively amass a market cap of $1 trillion by 2023. Base’s recent achievements lend credibility to these projections, suggesting that layer-2 solutions will play a vital role in Ethereum’s future.
Base’s rapid development and success illustrate the potential for layer-2 networks to alleviate the congestion and high transaction fees typically encountered on the Ethereum mainnet. These scaling solutions are crucial for the broader adoption of decentralized applications and other blockchain-based services.
Base’s substantial growth in TVL, impressive transaction processing capabilities, and profitability underscore its significant role in the evolving Ethereum ecosystem. As Base continues to expand and attract more users and assets, it will be interesting to observe how it shapes the future landscape of blockchain technology.
Base is on fire! 🔥 Their growth in TVL and transaction processing is setting new standards! 💪
It’s unsettling how Base is being praised when their memecoin craze has led to a surge in scams. This growth is on shaky ground.
From $1B to $8B in record time—Base’s growth journey is super inspiring! 🚀💫
Impressive on-chain profits despite market fluctuations! Base is definitely one to watch! 💹👏
Congrats to Base for their amazing TVL growth and impressive numbers overall!
Wow, incredible TVL figures and TPS stats! Base is definitely one to keep an eye on!
From 1 billion to 8 billion in TVL in just monthsBase’s growth is unstoppable!
Love seeing Base’s rapid advancements! Theyre a powerhouse in the competitive Layer-2 scene!
The memecoin activity might have boosted their profits, but it’s nothing but a bubble waiting to burst. How sustainable is this really?” 💥
So thrilled to see Base achieving such remarkable milestones! Onwards and upwards! 🌟🎉
Lets talk about security issues for a moment. Base’s growth means nothing if users can’t trust the network. This is a major issue!
The surge in memecoin activity might have had its downsides, but Bases overall gains are undeniable!
Kudos to Base for staying ahead in the TPS game! Such a promising network!
Base surpassing Optimism in TVL is overshadowed by their inability to protect their users. Not impressed.
Phenomenal progress by Base! Congratulations on making it to $8 billion TVL 💪✨
Yeah, they’ve got an impressive TVL, but at what cost? Security concerns and constant phishing attacks? Not worth it!
Love the progress Base is making with transactions and profitability! Keep rocking!
It’s ridiculous how much hype Base is getting when they can’t even keep their users safe from phishing scams! An 18-fold increase in stolen funds is alarming.
All these milestones are nice, but Base really needs to get their security sorted out. An 18-fold increase in funds stolen? That’s not progress!” 🔒
Base surpassing major networks like OP Mainnet is super impressive! Keep it up! 👏🎉
Why is everyone so excited about Base when the network is still struggling with phishing scams? Until they fix this, their achievements mean nothing to me.
Base hitting $8 billion in TVL is so inspiring! It’s paving the way for whats possible with layer-2 solutions!
Fantastic growth for Base! Ethereum layer-2’s are definitely the way forward!