Ethereum’s Base Surges Past $8 Billion TVL, Overtakes OP Mainnet

  • Base’s TVL hits $8B, becoming the second-largest Ethereum scaler.
  • Base leads in transaction speed with 30.36 transactions per second.
  • VanEck predicts the Ethereum layer-2 market cap will reach $1T by 2030.

In a notable achievement for Ethereum layer-2 networks, Base has quickly ascended to surpass $8 billion in total value locked (TVL), just days after eclipsing the TVL of Optimism’s OP Mainnet. This milestone underscores Base’s growing dominance in the Ethereum scaling arena.

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Rapid Growth in TVL and Transactions

Base, supported by Coinbase, now stands as the second-largest Ethereum scaler by TVL, with only Arbitrum One ahead at $18.27 billion. This growth trajectory began shortly after its launch in August 2023, hitting the $1 billion mark by February 27, less than seven months post-launch. Currently, Base’s TVL consists of $2.08 billion in canonically bridged assets and $5.70 billion in assets minted natively on the platform.

Moreover, Base has topped the charts in transaction throughput among Ethereum layer-2 solutions, processing over 64.86 million transactions in the past month. This indicates a transaction rate 30.36 per second, outpacing its closest competitor, Arbitrum One.

Profitability Leads Among Peers

In addition to its impressive growth in TVL and transaction volume, Base has also led in profitability among Ethereum layer-2 networks for three consecutive months. Despite a drop in May to $6.98 million, Base’s profits still outstripped those of OP Mainnet, which saw profits of $1.57 million.

This profitability was buoyed by the activities surrounding memecoins earlier in the year. The network has, however, had to navigate challenges such as an increase in phishing scams, which saw a rise from January to March.

VanEck’s analysts expect that the total market capitalization of the layer-2 networks will be $1 trillion by 2030 as Ethereum’s layer-2 ecosystems are still rapidly growing.  Hence, Base’s recent achievements support this bullish view, as they suggest that there is room for efficient and scalable solutions in the Ethereum blockchain.

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