Base, the Ethereum Layer 2 network developed by Coinbase, has recently seen a significant increase in total locked value (TVL), surpassing OP Mainnet and becoming the largest Layer 2 network based on OP Stack.

Base becomes the third largest L2

Base’s meteoric rise followed its public launch in early August 2023. Base’s total locked value has now reached $1.7 billion, up more than 10% since early May, according to DeFiLlama. This growth makes Base the third largest Layer 2 blockchain by TVL behind Arbitrum ($3.81 billion) and Blast ($2.26 billion), surpassing OP.

Source of Base TVL surge

Multiple decentralized applications (dapps) bring growth to Base’s TVL. Decentralized exchange Aerodrome is a major contributor, with $714 million in deposits. This is followed by Uniswap, which contributed $312 million in deposits.

This article Base surpasses OP to become the third largest Ethereum Layer 2 first appeared on Chain News ABMedia.