#ChartoftheDay According to data from DefiLlama, the OP Stack-based L2 network Base has reached $1.75 billion in the total locked value (TVL), ranking 3rd among all L2 solutions. As the Layer2 network built by Coinbase, the only publicly listed cryptocurrency exchange, Base’s performance in recent months has been impressive, putting it among the L2s with the fastest-growing TVL.
According to a report by Fortune, Base pulled in $56 million of revenue last quarter for Coinbase, becoming a new source of net income besides transaction fees and stablecoin revenue.
Unlike other L2s, Base doesn’t launch a native token for its chain due to regulatory restrictions in the US. However, taking advantage of Friend. Tech's previous popularity and the hype around the meme coin season since the first quarter of this year, Base has gained good traction. The chart below shows that Base’s TVL has surged since March this year, which coincided with the emergence of meme coins on the Base chain.
The base represents an innovative idea to obtain sources of revenue for listed cryptocurrency-related companies: instead of launching native tokens, they can launch their own chains and earn fee revenue by boosting DEX activities and participating in trending narratives.
That said, Base's growth is also the result of Coinbase's strong backing. In the current oversupply market, developing public blockchains like Base requires multiple resources, including brand endorsements and early-stage financial investments.