Growth of Base in Ethereum's Layer-2 Ecosystem

Base, an Ethereum layer-2 network, has experienced remarkable growth and significant achievements in recent months. Surpassing Optimism's OP Mainnet, Base has emerged as a key player, with a total value locked (TVL) exceeding $8 billion. According to L2Beat's data as of June 10th, Base's TVL stands at $8.05 billion. This comprises $5.92 billion in natively minted assets and $2.14 billion in canonically bridged value, representing assets locked on Ethereum but mirrored on Base.

Noteworthy Progress and Accomplishments

Base's journey to success began in August 2023 when it reached a TVL of $1 billion. Since then, its growth has been exponential, especially over the past 104 days. L2Beat reports that Base leads all Ethereum layer-2 networks in transactions per second, achieving 30.36 transactions, surpassing Arbitrum One's 23.52. In the last 30 days alone, Base has processed 64.86 million transactions.

A detailed analysis on Dune Analytics by 'niftytable' illustrates that Base has recorded the highest on-chain earnings in the past three months, with a groundbreaking $16.9 million earned in March. Despite OP Mainnet reporting $1.57 million in on-chain revenue last month, Base's on-chain profits declined by 58.6% to $6.98 million, positioning it as the leading revenue generator among Ethereum layer-2 networks.

Base's financial success was impacted by the memecoin frenzy earlier in 2024. However, this popularity also attracted criminal activities, leading to an increase in funds stolen through phishing schemes during January to March.

Comparative Analysis and Future Prospects

Base's phenomenal growth positions it as the second-largest Ethereum scaler in TVL, trailing Arbitrum One with $18.27 billion locked. The network's ability to handle a high number of transactions per second sets it apart within the Ethereum ecosystem, showcasing its efficiency and scalability.

In summary, Base's ascent to prominence in Ethereum's layer-2 landscape is a testament to its prolific performance and resilience amidst challenges, making it a key player in the evolving crypto sphere.