Base TVL Hits $8B, Becomes Second Largest Ethereum Layer 2

Base network

Base Network processed about 64.86 million transactions in the past 30 days, highlighting its growing adoption and usage.

The total value locked (TVL) on the Ethereum layer-2 network Base has surpassed $8 billion, reaching $8.05 billion as of June 10, according to L2Beat data. This impressive sum comprises $2.14 billion of assets bridged from Ethereum and $5.92 billion in assets natively created on the Base network.

Base has distinguished itself as the leader among Ethereum layer-2 networks for transactions per second (TPS), averaging 30.36 over the past month. This outpaces Arbitrum One, which recorded 23.52 TPS during the same period. 

Base Network’s Rapid Growth

Recently, Base surpassed OP Mainnet to become the leading chain in the Superchain ecosystem, making it the second-largest Ethereum layer-2 network in terms of Total Value Locked (TVL). Arbitrum One remains the largest, with a TVL of $18.27 billion. Base reached the milestone of $1 billion TVL on February 27, just seven months after its launch in August of the prior year. In the subsequent 104 days, it witnessed an eight-fold increase in TVL, indicative of its rapid expansion and increasing popularity. Moreover, Base processed about 64.86 million transactions in the past 30 days, highlighting its growing adoption and usage.

For profitability, Base has been the most successful Ethereum layer-2 network over the past three months. It recorded an all-time high of $16.9 million in on-chain profits in March. Although its profits declined by 58.6% to $6.98 million in May, Base still outperformed the next most profitable Ethereum layer-2 network, OP Mainnet, which reported $1.57 million in profits for the same month.

The surge in Base’s profits can be attributed to the memecoin mania that swept through the network in early 2024. However, this surge in popularity also attracted malicious actors, leading to an 18-fold increase in funds stolen through phishing scams from January to March. This shows the security challenges that come with rapid growth and widespread adoption.

Analysts at asset manager VanEck have projected that Ethereum layer-2 scaling networks could collectively achieve a market cap of $1 trillion by 2023. This optimistic outlook reflects the increasing importance and potential of layer-2 solutions in scaling the Ethereum network and addressing its scalability issues. Base’s remarkable growth in terms of TVL and transaction volume exemplifies the significant impact that layer-2 networks can have on the broader Ethereum ecosystem.