The total value locked (TVL) in Base, a Layer 2 solution by Coinbase, has surpassed 2 billion dollars, positioning it as the second-largest optimistic rollup in the cryptocurrency market. This development indicates growing confidence in the protocol as a strong alternative to other Layer 2 solutions on Ethereum 
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Significant Increase in TVL Growth
According to DeFiLlama data, Base’s TVL currently stands at 2.116 billion dollars, reflecting an approximate 370% increase from 430 million dollars at the beginning of 2024.
The TVL comprises stablecoins valued at 3.63 billion dollars, a 24-hour trading volume of 671.21 million dollars, and revenue of 81.76 million dollars generated in the same period.
Leadership in User Activity
As of September 27, Base ranks as the second-largest optimistic rollup on Ethereum, following Arbitrum. Despite its leading position in TVL, Base also excels in user activity, boasting the highest number of active addresses and daily transactions.
In the past 24 hours, the number of users interacting with Base reached 1.1 million, with a total of 8,335 new wallet addresses registered on the network during the same timeframe. This growth is attributed to the performance of other protocols on the network.
Launched by Coinbase in August 2023, Base aims to expand within the decentralized finance (DeFi) ecosystem. Designed as an optimistic rollup that processes transactions off-chain and periodically submits summaries to the main Ethereum network, it reduces congestion on the Ethereum blockchain and lowers transaction costs for users.
The high user activity on the network has seen Base’s TVL rise from 1.6 billion dollars on August 24, 2024, to over 2 billion dollars within a few weeks. Analysts believe that if this momentum continues, the TVL could exceed the 3 billion dollar mark by the end of the year.
One of the major contributors to the network is Aerodrome, which surpassed 1 billion dollars in total deposits on September 26. Additionally, Uniswap significantly contributed to the increase in Base’s TVL over the past year, registering over 220 million dollars in deposits.
The rapid growth of Base and the increase in the number of users support Coinbase’s strategic expansion in the DeFi space. Its user-friendly structure and low transaction costs continue to enhance Base’s popularity.
