Coinbase‘s Ethereum Layer-2 solution, Base, has achieved an impressive milestone, boasting a total value locked (TVL) that exceeds $4 billion, as reported by L2Beat. This achievement positions Base ahead of established Layer-2 networks such as Arbitrum in terms of TVL growth rates. Base, without its own native cryptocurrency, has demonstrated a formidable growth spurt, accounting for roughly 10% of the combined $41.03 billion TVL across all scaling solutions.
Impressive Growth Trajectory
Over the past week, Base’s TVL saw a surge of approximately 14%, outstripping the growth of both Arbitrum and Optimism, which saw increases of 4.91% and 8.28% respectively. This rapid expansion is particularly remarkable given that Base does not have a proprietary token, distinguishing it from several competitors. Analysts have linked this TVL spike to the introduction of various Base-centric meme tokens.
Charting New Territory in Web3
The allure of Base extends to more profound ventures within the Web3 space. A prime example is the Web3 gaming platform Iskra, which has chosen Base as its preferred blockchain, citing Coinbase’s seamless product integration and Base’s established reputation. Iskra’s decision underscores the trust and appeal Base commands among serious project developers.
Points to Conclude
- Base has witnessed a rapid TVL growth, outpacing older Layer-2 networks.
- The lack of a native token has not hindered Base’s growth, showcasing its unique market position.
- Meme tokens associated with Base are gaining traction and may fuel further growth.
- Web3 entities like Iskra are choosing Base for their projects, indicating a broader industry trust.
Despite these successes, Base has grappled with the emergence of over 500 scam tokens post-launch. These fraudulent tokens have generated considerable transaction volume, posing challenges to the platform’s credibility. Nonetheless, the platform’s accumulation of assets signals a robust entry into the competitive Layer-2 arena, capturing the attention of both meme enthusiasts and serious developers.
