Crypto exchange Coinbase’s Ethereum layer-2 blockchain Base has recently achieved a significant milestone, with its total value locked (TVL) surging by over 13.2% in the past week to surpass the $4 billion mark for the first time. This surge in TVL has propelled Base to become the third largest Ethereum layer 2 platform by TVL, showcasing its growing prominence in the crypto ecosystem.
According to L2BEAT data updated on April 7, Base’s total TVL now stands at an impressive $4.15 billion. This figure includes $1.45 billion of canonically bridged value, which refers to assets locked on Ethereum and represented on Base, and $2.7 billion in natively minted assets.
The surge in Base’s TVL is particularly noteworthy as it outperformed several other major Ethereum layer 2 platforms in terms of TVL growth over the past week. Base’s 30-day transactions have also surpassed those of Ethereum and its top rival Arbitrum, highlighting its increasing transactional activity and user engagement.
Despite facing stiff competition, Base has managed to establish itself as a formidable player in the Ethereum layer 2 space. It currently holds the third position in terms of TVL, surpassing its fourth-place rival Blast by a significant margin of around $1.4 billion. While Base still trails behind the second-place Optimism by $3.5 billion and the leader Arbitrum by $14.6 billion, its recent surge in TVL indicates a strong upward trajectory.
Interestingly, Base is the only layer 2 platform among the top 5 by TVL that has witnessed a gain in TVL over the past week. Other platforms such as Starknet, Optimism, Arbitrum, and Blast experienced declines in their TVL, showcasing Base’s resilience and attractiveness to users.
Base’s impressive TVL growth is complemented by a surge in transactional activity. The platform’s 30-day transaction count has exceeded 50.34 million, surpassing both Arbitrum’s 40.1 million and Ethereum’s 37.9 million. Additionally, Base’s average daily transactions per second (TPS) have jumped by 29.7% over the week, with recent data showing an average of 35.19 TPS. This figure is higher than the combined TPS of rival layer 2 platforms Arbitrum and Ethereum, which recorded respective scores of 16.61 and 13.91.
Moreover, Base has emerged as a key beneficiary of the recent memecoin frenzy. The platform’s meme token market capitalization has soared to over $1.6 billion, marking a remarkable 13% jump in just one day, according to data from CoinGecko. This surge in meme token activity further underscores Base’s growing influence and appeal within the crypto community.
Overall, Base’s surge in TVL, transactional activity, and meme token market capitalization reflects its robust growth and increasing traction among crypto enthusiasts. As the crypto landscape continues to evolve, Base’s position as a leading Ethereum layer 2 platform is solidified, paving the way for further innovations and developments in the decentralized finance (DeFi) space.