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Ethereum Layer-2 network Base surpassed 8 billion dollars in total value locked, just days after overtaking Optimism. Blockchain data analysis platform L2Beat data shows that as of June 10, the TVL value is now 8.05 billion dollars; this includes assets worth 2.14 billion dollars locked in Ethereum represented on Base and 5.92 billion dollars in locally minted assets.
Base Continues to Break Records
Coinbase-backed blockchain network surpassed OP Mainnet, the largest blockchain network in the Superchain ecosystem, last week and is now the second-largest Ethereum scaler in terms of TVL value, following Arbitrum One’s 18.27 billion dollars.
Base reached the 1 billion dollar mark in TVL value on February 27, approximately seven months after its launch last August. However, there has been a surge since then; it increased eightfold in the last 104 days. Additionally, according to L2BEAT data, it led all Ethereum Layer-2 networks in transactions per second last month with 30.36, surpassing Arbitrum One’s 23.52. Base conducted 64.86 million transactions in the last 30 days.
Notable Data for Base
According to Dune Analytics data prepared by Niftytable, Base converted the most on-chain profit in the last three months, including a record 16.9 million dollars for the chain in March. On-chain profit fell by 58.6% to 6.98 million dollars in May but continues to lead, with the next most profitable Ethereum Layer-2, OP Mainnet, recording 1.57 million dollars in profit last month.
Most of these profits were obtained from the recent memecoin craze in the first few months of 2024. However, Base’s popularity with memecoin projects also attracted scammers, resulting in an 18-fold increase in funds stolen from phishing scams from January to March. According to analysts at asset manager VanEck, Ethereum Layer-2 scaling networks are expected to reach a total market value of 1 trillion dollars by 2025.
