Base, a rapidly growing Layer 2 blockchain initiated by Coinbase, has reached a record high in the amount of ETH held in its bridge smart contract. The total ETH in Base’s bridge contract increased by 94,728 ETH in the last 30 days, bringing the total to approximately 623,130 ETH. This significant rise marks a record level for the smart contract 0x490, making Base the eighth largest holder of ETH.
Increase in ETH Reserves
In the last 30 days, the total amount of ETH in Base’s bridge contract saw a 12% increase, reaching 623,130 ETH. This rise contributed to an impressive 679% increase in Base’s overall ETH reserves over the past year, now totaling 2.91 million ETH. According to blockchain explorer Etherscan, Base ranks as the second platform with the most ETH among Layer 2 solutions, following Arbitrum.
Integration with Optimism’s Superchain
The significant boost in Base’s ETH reserves can be attributed to Coinbase’s reliability and influence in the industry. Paul Vaden from the Lyra Foundation stated, “Coinbase is a force in the sector and a trusted entity. Belief in Base’s success depends largely on Coinbase’s support.”
Base also gained a crucial advantage by joining the Superchain ecosystem created using Optimism’s OP Stack. Vaden mentioned that “Base’s presence in the Superchain added substantial value,” enabling deeper connections within the Ethereum 
$3,402 ecosystem.
Reasons for transferring ETH to Base include low transaction fees, yields from decentralized finance (DeFi) protocols, and potential airdrops. With an average daily transaction fee below $0.01, Base offers a compelling option for users.
DeFi platforms Aerodrome and Moonwell significantly contribute to the increase in Base’s total value locked (TVL). Aerodrome offers high returns to users providing liquidity across various trade pools, while Moonwell recorded a 43% increase in its TVL.
The increase in ETH reserves on Base indicates a rise in the platform’s adoption and liquidity. Locking ETH on Base allows for ecosystem growth and increased financial activity.
Base’s strong position within the Ethereum ecosystem, bolstered by the support of Coinbase and Optimism, accelerates the platform’s growth. The rise in ETH reserves reflects user confidence in Base and the benefits it offers. Looking ahead, Base is expected to attract more users and play a significant role in the Ethereum ecosystem.
