Bitrabo Editorial
The Ethereum layer-2 solution known as Base, developed by the crypto exchange Coinbase, has experienced a notable increase in activity recently. It is now aiming to secure its position as a leader within the Ethereum ecosystem.
Data from IntoTheBlock indicates that Base’s transaction volume has risen significantly over the last two months, achieving approximately 40% to 60% of the overall volume, thereby surpassing competitors like Optimism and Arbitrum. Recent statistics confirm that Base has successfully cemented its status as the top network in terms of total value locked (TVL).
Base Emerges as the Leading Ethereum L2 Network
Base functions as a layer-2 solution on Ethereum launched by Coinbase, aimed at providing a secure, affordable, and developer-friendly platform for on-chain projects. Since its launch, Base has quickly gained traction in the crypto market, establishing a solid position.
Despite being operational for just under a year, Base’s growing appeal has become increasingly apparent, especially in the last two months. IntoTheBlock data shows consistent growth in Base’s total value locked (TVL), starting from September 7, when it was recorded at $1.41 billion, marking an impressive increase of 68%.
As noted by IntoTheBlock, this remarkable boost in TVL has made Base a strong competitor to Arbitrum, which was previously the leading Ethereum layer-2 network. In a significant turn of events, while Arbitrum’s TVL decreased by 0.33% in the last 24 hours, Base experienced a 1.3% rise in the same timeframe.
This uptrend means Base’s TVL has reached a new record at $2.37 billion within the last day, just edging out Arbitrum, which sits at $2.35 billion.
Alongside the increase in TVL, Base has also seen a strengthening of its stablecoin market cap. Currently, Base’s stablecoin market cap stands at $3.758 billion, with USD Coin (USDC) representing 92.82% of this total. Nevertheless, Base remains behind Arbitrum, which boasts a stablecoin market cap of $4.428 billion.
Projections for Continued Growth
Base’s TVL rise is supported by a consistent uptrend in active addresses and overall adoption. Recent data from IntoTheBlock reveals that, over the past week, Base has maintained an average of 2,188,900 daily active addresses.
This number showcases a remarkable increase in transactions since July 2024. For context, from January to August 2024, Base logged daily transactions below 1 million, demonstrating significant growth in user engagement.
For comparison, Arbitrum averages 512,900 active addresses, while Optimism has about 405,600 within the same period.
If this trend continues, Base’s TVL is poised for further expansion as user activity escalates. This ongoing growth could also see Base catch up to Arbitrum in stablecoin market cap.
Featured image from Coinbase, chart from TradingView