Crypto News Today- Coinbase L2 platform Base exceeds Optimism, achieving a new record with $8 billion in total value locked

Crypto News Today- Coinbase L2 platform Base surpasses Optimism, reaching a new milestone with $8 billion in TVL

Crypto News– Coinbase’s layer-2 (L2) solution, Base, has hit a new milestone. In just a few days, the platform’s total value locked (TVL) surged past $8 billion, overtaking one of its main competitors, Optimism.

This accomplishment highlights Base’s swift rise in the competitive landscape of Ethereum-based L2 solutions. It also firmly establishes its role as a significant player in the blockchain ecosystem.

Base Tops Ethereum L2s in Both Transactions and Profits

ed on data from L2Beat, as of June 10, Base’s total value locked (TVL) reached $8 billion. This sum includes $2.14 billion in bridged value and $5.92 billion in native tokens created on the blockchain. This recent milestone places Base just behind Arbitrum One, which boasts a TVL of $18.27 billion.

Since its launch in August last year, Base has experienced impressive growth. By February 27, the platform had already reached $1 billion in total value locked (TVL), which has since increased eightfold in just 104 days.

Over the past month, Base has averaged 30.36 transactions per second (tps), leading all Ethereum L2 solutions. In comparison, Arbitrum One averages 23.52 tps. Altogether, Base processed 64.86 million transactions in the last 30 days.

Base also stands out in terms of profitability. According to Dune Analytics, the platform generated the highest on-chain profits over the past three months, including a record $16.9 million in March. Although profits dropped 58.6% to $6.98 million in May, Base still remained well ahead of Optimism, which earned only $1.57 million during the same period.

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