TL;DR
- Coinbase’s Base protocol has surpassed $4 billion in total value locked (TVL).
- The protocol has experienced a 22.88% increase in its TVL in the last seven days.
- In the last 30 days, it has processed a total of 50.50 million transactions, surpassing both Arbitrum and Ethereum in terms of transaction volume.
Coinbase’s Base protocol has achieved a significant milestone by surpassing $4 billion in total value locked (TVL), consolidating itself as one of Ethereum’s top layer 2 solutions. An achievement that highlights the exponential growth experienced by the protocol since its launch in August 2023.
Base has recorded a 22.88% increase in its TVL in the last seven days. This increase is a testament to the users’ confidence in the platform and its ability to provide efficient scaling solutions for transactions on the Ethereum network.
One of the keys behind the protocol’s excellent performance is its ability to process a high volume of transactions quickly and efficiently. In the last 30 days, it has processed a total of 50.50 million transactions, surpassing both Arbitrum and Ethereum in terms of transaction volume.
In addition to its excellent transaction performance, the protocol has also surpassed its competitors in terms of total value locked. With $4.15 billion in TVL, Base ranks as the third-largest Ethereum layer 2 protocol, surpassing its closest rival, Blast, by approximately $1.4 billion. However, it is still behind Optimism and Arbitrum in terms of size. This constant growth indicates great potential for further consolidation in the future.
Base Racing Towards the Top of L2
Another key to Base’s success has been its ability to capitalize on market trends. For example, during the recent memecoin boom, the protocol saw its meme token market capitalization expand considerably, surpassing $1.6 billion. This has led to an increase in activity on the platform. However, it has also attracted the attention of scammers, resulting in an increase in successful phishing cases on the network.
Base continues to grow and demonstrate its ability to provide scalable and efficient solutions for the crypto community’s needs. It still has a long way to go to reach the top spot, but it has all the tools to climb to the top of the podium.
