The Ethereum Layer-2 network, Base, has recently surpassed $8 billion in total value locked (TVL), marking a significant milestone just days after it overtook Optimism. According to the blockchain data analysis platform L2Beat, as of June 10, Base’s TVL stands at $8.05 billion. This figure includes $2.14 billion worth of Ethereum assets represented on Base and $5.92 billion in locally minted assets.
Base Continues to Set Records
Backed by Coinbase, the Base network recently surpassed OP Mainnet, becoming the second-largest Ethereum scaler in terms of TVL, following Arbitrum One, which holds $18.27 billion. Base reached the $1 billion mark in TVL on February 27, just seven months after its launch last August. Remarkably, since then, its TVL value has surged eightfold in the last 104 days.
In terms of transaction performance, Base led all Ethereum Layer-2 networks last month, averaging 30.36 transactions per second, outpacing Arbitrum One’s 23.52. Over the past 30 days, Base has conducted an impressive 64.86 million transactions.
Significant Data Insights
According to Dune Analytics data compiled by Niftytable, Base recorded the highest on-chain profit among Ethereum Layer-2 networks over the past three months. In March, the network generated a record $16.9 million in profit. Although on-chain profit decreased by 58.6% to $6.98 million in May, Base still leads, with OP Mainnet recording $1.57 million in profit last month.
The surge in profits can be attributed to the recent memecoin craze in early 2024. However, this popularity has also attracted scammers, leading to an 18-fold increase in funds stolen from phishing scams from January to March. Analysts at asset manager VanEck project that Ethereum Layer-2 scaling networks could reach a total market value of $1 trillion by 2025.
Key Takeaways
Here are some critical insights based on recent data:
- Base’s TVL surged to $8.05 billion, an eightfold increase in just 104 days.
- Base led Ethereum Layer-2 networks in transaction volume last month with 30.36 transactions per second.
- Base’s on-chain profit topped $16.9 million in March but dropped to $6.98 million in May.
- The memecoin trend significantly boosted Base’s profitability but also led to a rise in phishing scams.
In summary, the Base network’s rapid growth and high transaction volume highlight its potential and influence within the Ethereum Layer-2 ecosystem. However, the increase in phishing scams underscores the importance of security measures as the network continues to expand.