Coinbase’s Layer-2 Blockchain Base Network Surpasses $4 Billion TVL

Base, the Ethereum layer-2 blockchain developed by leading US crypto exchange Coinbase, has experienced a remarkable surge in its total value locked (TVL), surpassing $4 billion for the first time. According to L2BEAT, Base’s TVL stands at $4.15 billion, with $1.45 billion representing canonically bridged value and $2.7 billion in natively minted assets. Base currently holds the third position among Ethereum layer-2 solutions in terms of TVL. It outpaces its closest competitor, Blast, which has a TVL of $2.77 billion. However, it is trailing Optimism in second place, with a TVL of $7.68 billion and market leader Arbitrum, which has a TVL of $18.77 billion. Notably, among the top five layer-2 networks, Base is the only L2 to have witnessed a gain in TVL over the past week. Starknet experienced the largest loss at 9.0%, followed by Optimism with a decline of 8.2%. The surge in Base’s TVL coincides with a surge in activity, as its 30-day transaction count has surpassed both Ethereum and its rival Arbitrum. Base recorded 50.34 million transactions, outpacing Arbitrum’s 40.1 million and Ethereum’s 37.9 million. Ethereum continues to focus on enhancing its layer-2 capabilities, as the recent Dencun upgrade successfully introduced EIP-4844, which lowers transaction costs for Base and other layer-2 solutions. Analysts at VanEck estimate that the scaling ecosystem of layer-2 solutions could achieve a market capitalization of $1 trillion by 2030.