Ethereum’s Layer-2 network, Base total value locked exceeds 8 billion dollars, shortly after overtaking Optimism. L2Beat data reveals that as of June 10, Base’s TVL stands at $8.05 billion, including $2.14 billion in Ethereum assets and $5.92 billion in locally minted assets.
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Base Total Value Locked
Base, an Ethereum Layer-2 network, has experienced remarkable growth, surpassing $8 billion in total value locked (TVL) shortly after surpassing Optimism. This milestone comes as no surprise, considering its recent trajectory.
L2Beat data, a blockchain data analysis platform, shows that as of June 10, Base’s TVL stands at an impressive $8.05 billion. This TVL comprises $2.14 billion in Ethereum assets and $5.92 billion in locally minted assets, demonstrating the network’s diverse and growing ecosystem.
Milestones and Rankings
The base has achieved significant milestones in a relatively short period. Last week, it surpassed OP Mainnet, the largest blockchain network in the Superchain ecosystem, to become the second-largest Ethereum scaler by TVL, trailing only Arbitrum One, which boasts an impressive $18.27 billion TVL.
Base’s growth has been rapid; it reached the $1 billion TVL mark on February 27, just seven months after its launch in August. Since then, it has grown exponentially, increasing eightfold in the last 104 days.
Transaction Performance and Profitability
One of Base’s key strengths lies in its transaction performance. According to L2BEAT data, Base led all Ethereum Layer-2 networks in transactions per second last month, boasting an impressive 30.36 transactions per second. This figure surpassed Arbitrum One’s 23.52 transactions per second, solidifying Base’s position as a leading Layer-2 solution for Ethereum.
Challenges and Future Outlook
Despite its success, Base has faced challenges, particularly with the rise of memecoin projects. While these projects have contributed to Base’s popularity, they have also attracted scammers, leading to an 18-fold increase in funds stolen from phishing scams from January to March.
Despite these challenges, analysts at asset manager VanEck remain optimistic about the future of Ethereum Layer-2 scaling networks. They predict that these networks could reach a total market value of $1 trillion by 2025, highlighting the immense potential for growth and adoption in the coming years.
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