Author: Cheeezzyyyy
Compiled by: TechFlow
If you thought @base’s Memecoin summer was the peak of its on-chain activity, you’d be wrong.
Things have just begun.
There have been significant changes in the L2 space, with Base becoming the largest L2 at one point, surpassing @arbitrum for the first time.
Here are the key insights from @artemis__xyz:
First up is the big turnaround — @base ($2.5 billion) surpassed @arbitrum ($2.4 billion) in TVL (total value locked) for the first time.
Only three L2s have seen significant TVL growth so far this year:
@0xMantle Network: From $121M to $424M (+350%)
Base L2: From $445 million to $2.5 billion (+562%)
@LineaBuild L2: From $53 million to $460 million (+868%)
@base saw the biggest increase in average daily transactions this year, reaching an all-time high of 6.1 million.
This growth exceeds @0xPolygon PoS lead and is three times that of @arbitrum.
Unsurprisingly, the growth in volume is consistent with average historical DEX volumes described next.
Specifically, decentralized exchange (DEX) trading volume on @base has increased more than 15 times since the beginning of 2024.
This is by far the biggest growth metric, driven primarily by @AerodromeFi's fantastic volume growth.
For other L2s, the average transaction volume seems to have not changed much.
Not surprisingly, @AerodromeFi is experiencing:
Weekly trading volume reaches all-time high (~$3.5 billion)
Total locked value (TVL) surpasses $1 billion mark (~$1.4 billion)
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Even in terms of daily active addresses (DAA), @base performs very well.
Reflecting the breadth of the user base, DAA has grown 13x year-to-date, validating all of the trends mentioned previously.
Notably, @0xPolygon L2’s DAA dropped significantly starting in Q3 2024, while Arbitrum remained stable.
Finally, the most striking metric is L2 revenue.
@base has been known for its high yields on its sequencers, bringing in $51.4 million so far this year.
Statistically, this is equivalent to:
Twice as much as @LineaBuild's $24.7 million
2.88 times that of @arbitrum’s $17.8 million
It is expected to reach about $60 million by the end of the year.
This is not only a huge win for @coinbase, but also for @Optimism.
Because @base is an Optimium (L2) built through OP Stack and has a profit-sharing agreement.
This not only promotes the growth of the Superchain ecosystem, but also expands more sources of income.
