Base Network Achieves $8 Billion TVL Milestone

The Ethereum Layer-2 network known as Base has accomplished a remarkable feat by surpassing a total value locked (TVL) of over $8 billion. This achievement comes on the heels of it surpassing Optimism, solidifying its position as a significant player in the ecosystem. Data from L2Beat indicates that as of June 10, Base's TVL has reached $8.05 billion, comprising $2.14 billion in Ethereum assets and $5.92 billion in locally minted assets.

Setting New Standards

Supported by Coinbase, Base has outpaced OP Mainnet to secure the title of the second-largest Ethereum scaler by TVL, with only Arbitrum One ahead at $18.27 billion. Base crossed the $1 billion TVL mark on February 27, a mere seven months after its launch in August. Notably, its TVL has skyrocketed eightfold in the past 104 days, showcasing its rapid growth and adoption.

In terms of transaction performance, Base has excelled among Ethereum Layer-2 networks, averaging 30.36 transactions per second, surpassing even Arbitrum One's 23.52 transactions per second. Over the last month, Base has processed an impressive 64.86 million transactions, underscoring its efficiency and capacity.

Insights from Data

Analyzing Dune Analytics data compiled by Niftytable reveals that Base has led in on-chain profit among Ethereum Layer-2 networks in the last three months. In March, Base generated a record $16.9 million in profit, albeit declining to $6.98 million in May. Despite the drop, Base maintains its lead, as OP Mainnet recorded $1.57 million in profit in the same month.

The remarkable surge in profits can be linked to the memecoin frenzy earlier this year. However, this surge in popularity has also attracted malicious actors, resulting in an 18-fold increase in funds lost to phishing scams from January to March. Financial experts predict that Ethereum Layer-2 scaling networks could reach a collective market value of $1 trillion by 2025, highlighting the potential growth trajectory of the ecosystem.

Key Insights

Here are some key takeaways based on recent data:

• Base's TVL has surged to $8.05 billion, marking an eightfold increase in just over three months.
• Transaction volume on Base surpassed all Ethereum Layer-2 networks last month, averaging 30.36 transactions per second.
• In March, Base's on-chain profit peaked at $16.9 million, albeit declining to $6.98 million in May.
• The rise of memecoins boosted Base's profitability but also led to a surge in phishing scams.

In conclusion, Base's rapid growth and transaction efficiency underscore its significance in the Ethereum Layer-2 landscape. However, the rise in phishing scams signals the importance of enhancing security measures as Base's expansion continues.