Coinbase Layer-2 Network Base Hits $4 Billion as Transactions Soar
The Rise in Base’s Total Value Locked
Data from L2BEAT pertinent to April 7 indicates Base’s TVL has burgeoned to $4.15 billion—comprising $1.45 billion of canonically bridged value and $2.7 billion in natively minted assets. This momentum distinguishes Base as the preeminent Ethereum layer-2 in the top five by TVL to have realised such a gain. Other layer-2 solutions have weathered a contraction in TVL, with StarkNet experiencing a 10.2% decline, Optimism sliding by 9.1%, Arbirtum falling by 5.5%, and Blast shrinking by 2.4%.
Base Surpasses Ethereum and Arbitrum in Transactions
The engine behind Base’s growth spurt is its staggering activity, driving the 30-day transaction tally to 50.34 million—outshining the 40.1 million of Arbitrum and Ethereum’s 37.9 million. A conspicuous spike in daily transactions per second (TPS) for Base, boasting an average of 35.19 TPS, has not only propelled it ahead of individual counts of rival layer-2 Arbitrum and Ethereum, which posted 16.61 and 13.91 TPS respectively, but has also raised Base’s profile as a significant contender in the decentralised finance (DeFi) space.
Memecoins Boost Base’s Profile
Amid a wider appreciation for memecoins, Base has lucratively capitalised, with meme token market valuations on its platform achieving upwards of $1.6 billion —a 13% surge overnight, according to CoinGecko. Nonetheless, with rising fame comes the heightened risk of scams. Base has been flagged for an alarming uptick in successful phishing attacks, amounting to losses of $3.35 million in March alone.
Ethereum’s Continuous Evolution and the Future of Layer-2
Outlooks on the future of Ethereum’s layer-2 scaling solutions are optimistic, with analysts from VanEck projecting the segment to attain a market capitalization in the region of $1 trillion by 2030. This presents a rarefied air of opportunity for layer-2 solutions like Base, which may continue to glean benefits from Ethereum’s existing limitations and the greater DeFi ecosystem’s spirited growth.
Undoubtedly, Base’s breakthroughs are emblematic of an evolving blockchain narrative, weaving new tapestries of possibility for crypto recruitment, web3 innovation, and the overall architectural scaffolding of decentralized networks. As the web3 recruitment landscape becomes increasingly competitive and complex, it’s remarkable achievements, such as those displayed by Base, that are shaping the very fabric of the industry’s future.
