Ethereum layer-2 network Base has surpassed $8 billion in total value locked (TVL) days after surpassing Optimism’s OP Mainnet and now tops all other layer-2 networks.
L2Beat data indicates that its TVL as of June 10 is $8.05 billion, which includes $2.14 billion in canonically bridged value (assets that are secured on Ethereum to be represented on Base) and $5.92 billion in natively minted assets.
Last week, the Coinbase-supported chain surpassed OP Mainnet as the largest chain within the Superchain ecosystem. It is now the second-largest Ethereum scaler in TVL, trailing Arbitrum One’s $18.27 billion.
Base achieved the $1 billion TVL milestone on February 27, approximately seven months after its inception in August 2023. Nevertheless, it has been on an upward trajectory for the past 104 days, experiencing a significant increase in value.
Additionally, it ranks as the most active Ethereum layer 2 in terms of transactions per second over the past month, with a rate of 30.36, surpassing Arbitrum One’s rate of 23.52, according to L2BEAT. Base has processed 64.86 million transactions in the past 30 days.
Base is Generating Immense Profits
According to a Dune Analytics dashboard by “niftytable,” Base has generated the most on-chain profits in the past three months, with a record $16.9 million in March.
Base’s on-chain profits decreased by 58.6% in May to $6.98 million. However, it continues to surpass the second-most profitable Ethereum layer, OP Mainnet, which generated $1.57 million in profits last month.
The recent memecoin euphoria in the first few months of 2024 was the source of a significant portion of these profits.
Nevertheless, the network experienced an 18-fold increase in funds stolen from phishing scams from January to March, as well as the attraction of scammers to Base’s prominence with memecoins.
Analysts at VanEck, an asset manager, anticipate that the combined market capitalization of Ethereum layer-2 scaling networks will exceed $1 trillion by 2023.
