Base hits $4B #TVL as monthly txs outstrip #Ethereum and #Arbitrum
Coinbase's layer-2 network, Base, emerged as the standout performer among the top Ethereum #Layer2 solutions over the past week, witnessing a notable increase in total value locked (TVL) by more than 13.2%. This surge propelled Base's TVL to surpass $4 billion for the first time, showcasing its growing prominence in the ecosystem. Notably, Base's 30-day transaction volume outpaced both Ethereum and its primary competitor, Arbitrum.
According to updated data from L2Beat on April 7, Base's total TVL reached $4.15 billion, comprising $1.45 billion of canonically bridged value and $2.7 billion in natively minted assets. This positions Base as the third-largest Ethereum layer 2 solution by TVL, surpassing fourth-place Blast by approximately $1.4 billion, albeit trailing behind Optimism by $3.5 billion and leader Arbitrum by $14.6 billion.
Remarkably, Base was the sole layer 2 protocol among the top five by TVL to experience a gain in TVL over the past week. While Starknet, Optimism, Arbitrum, and Blast saw declines ranging from 2.4% to 10.2%, Base's TVL surged. This growth coincided with a significant uptick in activity, with Base's 30-day transaction count surpassing both Arbitrum and Ethereum.
Base's average daily transactions per second (TPS) also witnessed a substantial increase of 29.7% over the week, reaching an impressive 35.19 TPS. This surpasses the combined TPS of Arbitrum and Ethereum, which recorded respective scores of 16.61 and 13.91.
Furthermore, Base has capitalized on the recent surge in memecoin activity, with its meme token market capitalization exceeding $1.6 billion, reflecting a 13% increase over the last day, according to CoinGecko. This underscores Base's ability to adapt and leverage market trends to enhance its ecosystem's growth and development.
Source - cointelegraph.com