Ethereum

Arbitrum

Base

Coin

Gains

<p>Coinbase’s Ethereum layer-two scaling network, Base, hit a total value locked (TVL) of more than $4 billion amid an explosion of meme coin activity as it overtook Ethereum and Arbitrum by transaction volume.</p>
<p>Data from <a href="https://l2beat.com/scaling/projects/base" target="_blank" rel="noopener noreferrer nofollow">L2Beat</a> shows Base’s TVL has increased by 22% to over $4.33 billion. Its 30-day transaction count was 50.34 million, enabling it to surpass Arbitrum’s 40 million, Ethereum’s 37.9 million, and Optimism’s 18 million.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Base?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Base</a> hits $4B TVL, Outshines Arbitrum &amp; Ethereum in 30-day Transactions<br>Base, a layer-2 network by <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Coinbase</a>, has achieved a remarkable milestone by reaching a total value locked (TVL) of $4 billion, surpassing both <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> and <a href="https://twitter.com/hashtag/Arbitrum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Arbitrum</a> in monthly transactions.</p>
 <p>This surge…</p>
 <p>— Crypto Love (@smallcappick) <a href="https://twitter.com/smallcappick/status/1777222222031073772?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 8, 2024</a></p>
</blockquote>
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<p>Base now ranks as the third-largest Ethereum L2 after Arbitrum and Optimism. Arbitrum has a TVL of $19 billion while Optimism’s TVL stands at $7.96 billion.</p>
<p>But Base is the only network among the top three to post TVL gains in the past week. Its TVL soared 13.2% in the past week alone.</p>
<h2 id="meme-coin-activity-drives-gains-for-base">Meme Coin Activity Drives Gains for Base</h2>
<p>Base’s surge in TVL comes as meme coin activity on the network explodes. Data from <a href="https://www.coingecko.com/en/categories/base-meme-coins" target="_blank" rel="noopener noreferrer nofollow">CoinGecko</a> shows that in the last 24 hours, the market capitalization for meme coins on the Base network has increased by 25% to $1.8 billion.</p>
<p>The growing popularity of the network has also attracted scammers, with <a href="https://dune.com/scam-sniffer/march-2024-scam-sniffer-phishing-report" target="_blank" rel="noopener noreferrer nofollow">over $3 million stolen</a> from it in March, according to Dune.</p>
<p>According to VanEck, Ethereum layer-two networks will benefit from Ethereum’s slow speed and network congestion. The <a href="https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vanecks-ethereum-layer-2s-valuation-prediction-by-2030/" rel="noopener noreferrer nofollow">report</a> estimates the market capitalization of layer-twos will reach $1 trillion by 2030.</p>
<h3 id="also-read">Also Read:</h3>
<ul>
 <li><a href="https://insidebitcoins.com/news/new-class-of-culture-meme-coins-may-surpass-dog-themed-cryptos-like-shib-and-doge-analyst-says" rel="noopener noreferrer nofollow">New Class Of Culture Meme Coins May Surpass Dog-Themed Cryptos Like SHIB And DOGE, Analyst Says</a></li>
 <li><a href="https://insidebitcoins.com/news/can-pepe-dethrone-shiba-inu-or-will-they-both-be-outperformed-by-this-hottest-meme-coin-launching-soon" rel="noopener noreferrer nofollow">Can Pepe Dethrone Shiba Inu? Or Will They Both Be Outperformed by This Hottest Meme Coin Launching Soon?</a></li>
 <li><a href="https://insidebitcoins.com/news/ripple-ceo-brad-garlinghouse-says-crypto-market-cap-to-double-by-year-end-to-top-5t-on-bitcoin-etfs-btc-halving" rel="noopener noreferrer nofollow">Ripple CEO Brad Garlinghouse Says Crypto Market Cap To Double By Year End To Top $5T On Bitcoin ETFs, BTC Halving</a></li>
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Base TVL Hits $4B As Transactions Surpass Ethereum And Arbitrum As Meme Coin Activity Explodes

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Inside Bitcoins

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