The total value locked (TVL) on the Ethereum layer-2 network Base has surpassed an impressive $8 billion, just days after it overtook Optimism’s OP Mainnet. This surge in TVL cements Base’s position as a leading player in the Ethereum scaling ecosystem, solidifying its dominance over other layer-2 solutions.
The Meteoric Rise of Base
Base, the Coinbase-supported chain, has been on a remarkable journey. It surpassed OP Mainnet as the largest chain within the Superchain ecosystem last week and is now the second-largest Ethereum scaler in TVL, trailing only Arbitrum One’s $18.27 billion.
“Base has topped the Ethereum layer-2 leaderboards by transaction count and has been the most profitable Ethereum scaler for three consecutive months.”
Base’s growth has been nothing short of staggering. It reached the $1 billion TVL mark on Feb. 27, just seven months after its launch in August 2023. Since then, its TVL has increased eightfold over the last 104 days, showcasing its remarkable traction and popularity.
Dominating the Transactions Per Second
Not only has Base’s TVL skyrocketed, but it also leads all Ethereum layer-2s in transactions per second over the last month, processing an impressive 30.36 transactions per second, surpassing Arbitrum One’s 23.52 transactions per second.
Raking in Profits
Base’s on-chain profits have been equally impressive, with the chain capturing the most profits over the last three months. In March, Base recorded a record-breaking $16.9 million in profits, showcasing its ability to generate significant revenue.
While profits dipped by 58.6% to $6.98 million in May, Base still leads the next most profitable Ethereum layer-2, OP Mainnet, which recorded $1.57 million in profits last month.
The Future of Ethereum Layer-2 Scaling
Ethereum layer-2 scaling solutions are expected to continue their growth, with analysts at asset manager VanEck predicting a combined $1 trillion market cap by 2023.
As the Ethereum ecosystem continues to evolve, the success of layer-2 networks like Base will play a crucial role in unlocking the full potential of decentralized applications and driving mainstream adoption of cryptocurrencies.