TVL surges — will Base become the largest Ethereum L2 network?
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TVL surges — will Base become the largest Ethereum L2 network?
Over the past two months, Base's transaction volume has surged, accounting for 40% to 60% of all transaction volume.
Navigating Web3 tides with focused insightsSource: bitcoinist
Compiled by: Blockchain Knight
Base is an Ethereum Layer 2 (L2) scaling solution launched by cryptocurrency exchange Coinbase. Over the past two months, its activity has surged dramatically, and it is now vying for the top position within the Ethereum ecosystem.
Data from Into TheBlock shows that Base's transaction volume has increased sharply over the past two months, accounting for 40% to 60% of all L2 transaction volume, surpassing both Optimism and Arbitrum.
The latest data over the past 24 hours indicates that Base appears to have made a significant leap, successfully solidifying its lead in total value locked (TVL).
Base is Coinbase’s Layer 2 network built on Ethereum, designed to provide a secure, low-cost, and developer-friendly environment for on-chain development. Since its launch, Base has rapidly established itself in the crypto market, achieving strong product-market fit.
Although Base has only been live for about a year, its appeal has become increasingly evident—especially over the past two months.
Into TheBlock data reveals that since September 7, when Base recorded a TVL of $1.41 billion, its TVL has continued to grow steadily.
Since then, Base’s TVL has surged by 68%, a remarkable increase.
According to Into TheBlock, this substantial growth in TVL has positioned Base as a formidable competitor to Arbitrum, which previously held the largest TVL among Ethereum L2 networks.
A notable shift occurred in the last 24 hours: Arbitrum’s TVL dropped by 0.33%, while Base’s rose by 1.3% during the same period.
As a result, Base’s TVL reached a record high of $2.37 billion over the past 24 hours, narrowly surpassing Arbitrum’s $2.35 billion in TVL.
In addition to TVL growth, Base’s rise has been accompanied by an expansion in its stablecoin market capitalization.
To date, Base’s stablecoin market cap has risen to $3.758 billion, with USDC holding a dominant share of 92.82%.
However, Base still lags behind Arbitrum in terms of stablecoin market cap, which stands at $4.428 billion.
Base’s TVL growth has been driven by steady increases in active addresses and adoption rates.
From the Into TheBlock (ITB) chart below, we can observe the difference in activity levels between Base, Arbitrum, and Optimism.
Notably, ITB data shows that over the past seven days, the average number of daily active addresses was 2,188,900.
This figure comes against the backdrop of a surge in transaction volume since July 2024. From January to August 2024, Base’s daily transaction volume remained below one million, highlighting a sharp decline in user engagement prior to this uptick.
In comparison, Arbitrum had an average of 512,900 active addresses, while Optimism recorded an average of 405,600 active addresses over the past seven days.
At this rate, Base’s TVL will continue to grow as activity increases. This sustained momentum could eventually enable Base to surpass Arbitrum in stablecoin market capitalization as well.
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