By
Godfrey Benjamin
April 29th, 2024
Over the past 30 days, Base has processed a total of 50.34 million transactions, surpassing both Arbitrum, with 40.1 million transactions, and Ethereum, with 37.9 million transactions.
Coinbase’s Base protocol has achieved a significant milestone by surpassing $4 billion in total value locked (TVL) and outperforming Ethereum and Arbitrum in monthly transactions. The layer-2 scaling solution, built on the Ethereum ecosystem, reached this milestone for the first time since its inception in August 2023.
The network, backed by Coinbase, a leading global crypto exchange based in the United States, has shown impressive growth in recent weeks. On March 21, 2024, it recorded a TVL of $770.65 million and a 24-hour trading volume of $356 million.
Activities on the protocol continued to spike, and as of April 7, 2024, it surged by 13.2% over the last seven days, propelling it past the $4 billion mark in TVL, according to data from L2BEAT.
The breakdown of Base’s TVL includes $1.45 billion of canonically bridged value, which represents digital assets locked on Ethereum and transferred to the Base network. Additionally, the network boasts $2.7 billion in assets natively minted on the chain.
With this impressive milestone achievement, Base has become the third largest Ethereum layer 2 solution, outpacing its closest rival, Blast, by approximately $1.4 billion.
Coinbase’s Base Outperforms Rival Blockchain Arbitrum
In terms of transaction volume, over the past 30 days, Base has processed a total of 50.34 million transactions, surpassing both Arbitrum, with 40.1 million transactions, and Ethereum, with 37.9 million transactions.
Similarly, the network has experienced a significant increase in its average daily transactions per second (TPS).
In the past week, Base’s average daily TPS surged by 29.7%, reaching an impressive 35.19 TPS. This figure surpasses the combined TPS of rival layer-2 solutions Arbitrum and layer-1 network Ethereum, which recorded respective scores of 16.61 and 13.91.
Not a Favorable Week for Ethereum Scaling Solutions
While activity on the Base network has continued to surge due to the recent memecoin rally, the past week was not favorable to other layer 2 scaling solutions on the Ethereum blockchain.
The L2BEAT data shows that Base is the only layer 2 protocol among the top 5 by TVL to have experienced growth in recent times, highlighting its strong performance in the market. Web3 protocols such as Starknet recorded the largest loss at 10.2%, followed by Optimism with a 9.1% decrease. Arbitrum, on the other hand, experienced a 5.5% decline, and Blast dropped 2.4%.
Despite these achievements, Base still trails behind Optimism, the second-largest Ethereum layer 2 solution by $3.5 billion. Arbitrum remains the leader in the space with a substantial lead of $14.6 billion over Base.