Base, a prominent layer-2 network on Ethereum, founded by Coinbase, showcased exceptional performance in May 2022. According to recent data, Base outperformed other layer-2 networks by generating $6.1 million in on-chain profits during the month. This remarkable achievement positioned Base ahead of competitors like Blast and Optimism. The report highlighted that Base's on-chain profits significantly surpassed Blast's $1.5 million and Optimism's $1.4 million for the same period.
Moreover, Base experienced substantial growth over the last 90 days, with its Total Value Locked (TVL) surging by an impressive 465%, escalating from $1.3 billion to $7.41 billion. In contrast, Arbitrum's TVL saw a modest 13% increase, while Optimism witnessed a 12% decline in TVL.
The introduction of EIP-4844 in March played a pivotal role in Base's success. This update introduced proto-danksharding and decreased gas costs on layer-2 networks, including Base, leading to a marked rise in activity and TVL on the network.
Additionally, Coinbase introduced the Smart Wallet, a browser-based on-chain wallet aimed at simplifying on-chain transactions for new users. This wallet streamlines the process for users transitioning from centralized exchange accounts to decentralized applications (dApps), enhancing user-friendliness and accessibility.
The emergence of Base as the most profitable layer-2 network in May, coupled with its substantial growth and innovative offerings like the Smart Wallet, positions it as a frontrunner in the evolving blockchain ecosystem.
