The Ethereum Layer-2 (L2) project Base, initiated by the US-based cryptocurrency giant Coinbase, has surpassed a total locked value (TVL) of $4 billion. Data from L2Beat reveals that the project has reached a TVL of $4.15 billion. This impressive figure has allowed Base to surpass the growth of older L2 chains, including the popular Arbitrum (ARB). Base has outpaced Arbitrum and Optimism in TVL growth.
Surge in Base’s TVL
However, this represents a growth of about 14% in TVL in just the last seven days. While Arbitrum and Optimism (OP) continue to lead in overall TVL among L2s, Base is making rapid gains. During the same seven-day period, Arbitrum and Optimism’s TVL increased by only 4.91% and 8.28%, respectively. This was a less significant growth compared to Base’s rise. Base’s recent success also accounts for about 10% of the total $41.03 billion TVL of all scaling projects. Considering that Base does not have a native token, unlike some competitors, this growth is particularly noteworthy.
Recent developments have seen Base contribute to a surge in interest similar to what was previously seen in the Solana ecosystem. Cryptocurrency analysts have identified several “Base meme tokens” with promising market values and significant growth potential, including Normie (NORMIE), Briun Armstrung (BRIUN), bloo (BLOO), BaseProShops (BPS), and Brett (BRETT).
Base’s Step into Web3
Nevertheless, Base’s appeal extends beyond meme token enthusiasts to serious project developers. Iskra, a Web3 gaming platform with roots in industry giants like Tencent and Netmarble, recently announced its transition to Base. The Iskra team stated in their official announcement:
Coinbase product integration, which greatly simplifies user connection to the chain, and Base’s established and trustworthy position in the industry make Base our top choice.
Base, despite its extraordinary growth, has had to overcome challenges, including the proliferation of scam tokens. Solidus Labs reported that more than 500 scam tokens emerged on Base shortly after the mainnet launch, generating approximately $3.7 million in transaction volume.
