Base TVL Reaches 4B Dollars as Monthly Transactions Outstrip Ethereum and Arbitrum Networks

Crypto News- Coinbase’s Ethereum layer-2 solution, Base, has shattered records, boasting a total value locked (TVL) surge of over 13.2% within the last week alone. Crossing the $4 billion milestone for the first time, Base’s 30-day transaction volume has outpaced Ethereum and its closest competitor, Arbitrum.

Base TVL Reaches 4B Dollars as Monthly Transactions Outstrip Ethereum and Arbitrum Networks

According to L2Beat data updated on April 7, Base now commands a TVL of $4.15 billion, with $1.45 billion comprising canonically bridged assets and $2.7 billion in natively minted assets.

Ranking as the third-largest Ethereum layer 2 platform by TVL, Base outstrips its nearest competitor, Blast, by a significant $1.4 billion margin. However, it still trails behind Optimism by $3.5 billion and Arbitrum by a substantial $14.6 billion. Notably, Base is the sole layer 2 network among the top five by TVL to experience growth in the past week.

Base’s Transaction Surge: Outpacing Ethereum and Arbitrum with 50.34 Million Transactions in 30 Days

The surge in Base’s TVL coincides with heightened activity, as evidenced by its 30-day transaction count surpassing both Arbitrum and Ethereum, totaling 50.34 million transactions.

Base’s average daily transactions per second (TPS) surged by 29.7% over the week, with a current average of 35.19 TPS, surpassing the combined TPS of Arbitrum and Ethereum. Additionally, Base has emerged as a major player in the meme coin market, with a meme token market capitalization exceeding $1.6 billion, reflecting a 13% increase in the last day alone.

However, Base’s popularity has attracted unwanted attention, with an 18-fold increase in successful phishing scams from January to March, resulting in $3.35 million in losses last month.

Despite Ethereum’s efforts to enhance layer-2 transaction processing, platforms like Base stand to benefit from Ethereum’s limitations. Analysts at VanEck estimate that Ethereum’s scaling ecosystem could achieve a market capitalization of $1 trillion by 2030, presenting significant opportunities for layer 2 solutions like Base.