Base Surpasses $4 Billion in Total Value Locked: Details

Coinbase’s Ethereum layer-2 blockchain, Base, has experienced a remarkable surge in its total value locked (TVL), surpassing $4 billion for the first time. According to L2BEAT data updated on April 7, the Base TVL stands at $4.15 billion, representing a significant increase of over 13.2% in the past week alone.

Coinbase’s Base Sees Significant Surge in TVL

Base’s TVL comprises $1.45 billion of canonically bridged value and $2.7 billion in natively minted assets, solidifying its position as the third-largest Ethereum layer 2 network by TVL. Notably, Base’s recent gains have propelled it ahead of its fourth-place rival, Blast, by approximately $1.4 billion.

The surge in Base’s TVL comes amidst a broader trend of increased activity on the platform. Over the past 30 days, Base has recorded a staggering 50.34 million transactions, outpacing both Ethereum and its top rival, Arbitrum, in transaction volume.

Base TPS Witnesses Notable Increase

Base’s average daily transactions per second (TPS) have also experienced a notable increase, jumping by 29.7% over the past week. Currently, Base’s average TPS stands at 35.19, surpassing the combined TPS of Arbitrum and Ethereum.

The platform’s popularity has been further bolstered by recent memecoin activity, leading to an over 13% surge in meme token market capitalization, which has now exceeded $1.6 billion, according to CoinGecko.

However, Base’s rapid growth has attracted unwanted attention from scammers, with the network witnessing an 18-fold increase in successful phishing scams from January to March, resulting in approximately $3.35 million stolen last month alone.

Scalability Challenges

In response to Ethereum’s scalability challenges, the platform has focused its development efforts on improving its ability to process layer-2 transaction data. The recent Dencun update, implemented on March 13, has successfully lowered layer 2 transaction fees, benefiting networks like Base.

Looking ahead, Base and other layer 2 solutions could continue to capitalize on Ethereum’s scalability limitations, with analysts from VanEck estimating that the network’s scaling ecosystem could reach a market capitalization of $1 trillion by 2030.