Base Achieves US$4 Billion TVL and Surpasses Ethereum Transactions
Base Achieves US$4 Billion TVL and Surpasses Ethereum Transactions
Base, an Ethereum layer-2 (L2) blockchain project initiated by Coinbase, has experienced significant growth, with a total locked value (TVL) surpassing US$4 billion.
Data from L2BEAT, an L2 analysis platform, shows Base's TVL reaching US$4.14 billion. This TVL comprises US$1.46 billion of bridged value, funds locked on Ethereum but represented on Base, and US$2.67 billion of native assets.
In the past week, Base has seen a 13.2% increase in TVL, making it the third-largest Ethereum L2 by TVL. Base currently trails behind Optimism with a TVL of US$3.5 billion and leading Arbitrum with a TVL of US$14.6 billion.
Surpassing Ethereum Transactions
Base's transactional performance has also garnered attention, with the platform recording over 50.34 million transactions in the last 30 days, surpassing Arbitrum with 40.1 million transactions and Ethereum with 37.9 million transactions.
Base demonstrates a significant increase in transactions per second (TPS), averaging 35.19 TPS per day, higher than the combined TPS of Arbitrum and Ethereum.
Additionally, Base has gained attention for meme coin activities on its network, where the market capitalization of meme tokens has exceeded US$1.6 billion, according to Coingecko. However, Base's success is accompanied by challenges. The blockchain has experienced a significant increase in fraudulent activities, particularly phishing scams, which surged 18 times from January to March 2024, resulting in losses of US$3.35 million last month.
Conclusion
Base, a Coinbase-initiated Ethereum layer-2 (L2) blockchain project, has achieved remarkable growth, surpassing the US$4 billion total locked value (TVL) milestone.
According to data from L2BEAT, Base's TVL stands at US$4.14 billion, including both bridged value from Ethereum and native assets. With a 13.2% increase in TVL over the past week, Base now ranks as the third-largest Ethereum L2 platform, trailing behind Optimism and Arbitrum.
Notably, Base has outperformed Ethereum in transactional activity, recording over 50.34 million transactions in the last 30 days, surpassing both Arbitrum and Ethereum. Its transactions per second (TPS) rate has also seen a significant boost, averaging 35.19 TPS per day, exceeding the combined TPS of Arbitrum and Ethereum.
Despite its success, Base faces challenges, particularly an increase in fraudulent activities such as phishing scams. This rise in fraudulent incidents, surging 18 times from January to March 2024, highlights the importance of addressing security concerns in the blockchain ecosystem.
Overall, Base's achievements underscore its growing prominence in the Ethereum L2 landscape, although ongoing efforts are needed to mitigate security risks and ensure the platform's sustainability in the long run.
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