According to CryptoPotato, the total value locked (TVL) in Base Network, a layer-2 blockchain incubated by Coinbase, has decreased by more than 18.28% to $437 million in the past week. The decline can be primarily attributed to the extensive burning of Base USDC on September 29, with data from Dune Analytics showing the figure dropping from 160 million to just 29.84 million in a single day. This occurred after fintech firm and stablecoin issuer Circle announced the launch of USDC earlier last month.
As a result, Matter Labs' zero-knowledge (zk) rollup tech-powered scaling solution, zkSync Era, surpassed Base with a TVL of $476 million. Base now stands in fourth position among the top five rollups, and is the only project in red. In comparison, Arbitrum One and OP Mainnet saw increases of 10.12% and 8.29%, with TVLs of $6.17 billion and $2.80 billion, respectively. Additionally, zkSync Era's TVL rose by more than 15% during the same period.
Despite the decrease in TVL, Base remains a strong contender in the space, having bridged over $459 million since its inception. The network is based on Optimistic Rollup and developed on the Ethereum network, utilizing OP Stack technology that has contributed to its appeal due to the growing demand for alternatives in the ecosystem.
