Base processed 64.95M transactions in the last month, leading Ethereum layer 2s with 30.36 TPS, surpassing Arbitrum One’s 23.52.
Base, a prominent Ethereum layer-2 network, has surpassed Optimism’s OP Mainnet by surpassing the $8 billion Total Value Locked (TVL) threshold.
As of June 10, Base’s TVL is $8.08 billion, based on data from L2Beat. This comprises $5.92 billion in natively minted assets and $2.14 billion in canonically bridged value, or assets locked on Ethereum to be represented on Base.
With support from Coinbase, Base asserted last week that it was the biggest chain in the Superchain ecosystem. It is now behind Arbitrum One’s $18.27 billion in TVL as the second-largest Ethereum scaler.
On February 27, the network achieved $1 billion TVL, barely seven months after its August start. Its eight-fold growth in the last 104 days since then attests to its tremendous expansion.
Base has outperformed all Ethereum layer 2s in terms of transactions per second (TPThe S) over the past month, with 30.36 TPS, above Arbitrum One’s 23.52 TPS. A staggering 64.95 million transactions were handled by Base in the last 30 days.
According to a “nifty table” on Dune Analytics, Base’s financial performance is demonstrated by its record on-chain profits, which reached $16.9 million in March and kept it ahead of other Ethereum layer 2s even after dropping to $6.98 million in May.
Even with its success, Base has had difficulties. because of scammers’ attraction to it and its popularity with meme coins, the amount of money taken through phishing schemes increased eighteen times between January and March.
By 2023, analysts at asset manager VanEck forecast that the market capitalization of Ethereum layer-2 scaling networks, such as Base, will reach a total of $1 trillion.
Base is a major participant in the Ethereum ecosystem, fostering innovation and scalability for decentralized apps (dApps) and the larger blockchain sector. Its quick expansion and financial success highlight this role.
