Ethereum

Blast

Arbitrum

Base

Optimism

Crypto exchange Coinbase’s Ethereum layer-2 blockchain Base has seen its total value locked (TVL) surge by over 13.2% in the past week to surpass $4 billion for the first time as its 30-day transactions beat out Ethereum and its top rival, Arbitrum.
L2Beat&nbsp;<a href="https://l2beat.com/scaling/projects/base" target="_blank" rel="noopener nofollow">data</a> updated on April 7 shows Base’s total TVL at $4.15 billion, including $1.45 billion of canonically <a href="https://cointelegraph.com/explained/blockchain-bridges-explained">bridged</a> value — assets locked on Ethereum to be represented on Base — and $2.7 billion in natively minted assets.
Base is the third-largest Ethereum layer 2 by TVL, beating fourth-place rival Blast by around $1.4 billion and $3.5 billion behind the second-place Optimism and $14.6 billion behind leader Arbitrum.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/9af537ea-f7df-4dcb-8be3-7b7b99afcb1e.png" alt="" title="">
 <figcaption style="text-align: center;">
 Base’s total TVL chart with the split between canonically bridged funds (purple) and natively minted (pink). Source: L2BEAT
 </figcaption>
</figure>
Base is the only layer 2 of the top five by TVL to have posted a gain in the past week. Starknet saw the <a href="https://cointelegraph.com/news/starknet-details-bug-reorganization-blockss">biggest TVL loss at 10.2%</a>, while Optimism was down 9.1%, Arbitrum declined 5.5%, and Blast shrunk 2.4%.
The Ethereum scaler’s TVL bump comes amid an activity surge that’s seen its 30-day transaction <a href="https://l2beat.com/scaling/activity" target="_blank" rel="noopener nofollow">count</a> hit 50.34 million, surpassing Arbitrum’s 40.1 million and Ethereum’s 37.9 million.
Base’s average daily transactions per second (TPS) jumped by 29.7% over the week and over the past day has averaged 35.19 TPS — higher than the combined TPS of rival layer-2 Arbitrum and Ethereum, which saw respective scores of 16.61 and 13.91.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/a07e0618-8184-44d4-9f8c-3b68d00f5e1f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Base’s TPS (red) has consistently outstripped Ethereum (blue) for over two weeks. Source: L2Beat
 </figcaption>
</figure>
Meanwhile, Base has been one of the main beneficiaries of&nbsp;<a href="https://cointelegraph.com/news/new-memecoin-traders-hit-record-high">recent memecoin activity</a>. Its meme token market capitalization has reached over $1.6 billion, a 13% jump over the last day, <a href="https://www.coingecko.com/en/categories/base-meme-coins" target="_blank" rel="noopener nofollow">according</a> to CoinGecko.
Related: <a href="https://cointelegraph.com/news/coinbase-partners-lightspark-bitcoin-lightning-payments">Coinbase partners with Lightspark for Bitcoin Lightning payments</a>
However, Base’s popularity has also attracted scammers, as the network saw <a href="https://cointelegraph.com/news/phishing-scams-layer-2-base-up-1900-percent-since-january">an 18-fold increase</a> in successful phishing scams from January to March — with $3.35 million stolen last month.
Ethereum has focused its development efforts on improving the blockchain’s ability to process layer-2 transaction data, as exampled by its March 13 <a href="https://cointelegraph.com/explained/what-is-the-ethereum-dencun-upgrade-and-why-is-it-important">Dencun upgrade</a>, which has lowered layer-2 transaction fees.
Meanwhile, layer 2’s like Base could gain further from Ethereum’s shortcomings, with VanEck analysts estimating the network’s scaling ecosystem could hit a <a href="https://cointelegraph.com/news/ethereum-layer-2-one-trillion-market-cap-2030-van-eck">$1-trillion market capitalization</a> by 2030.
Magazine: <a href="https://cointelegraph.com/magazine/blockchain-transactions-per-second-tps-stupid-big-questions/">Is measuring blockchain transactions per second (TPS) stupid in 2024? Big Questions</a>

Base hits $4B TVL as monthly txs outstrip Ethereum and Arbitrum

Cointelegraph

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