As of June 10th, L2Beat’s data reveals that Base has achieved a total locked value (TVL) of $8.05 billion, making it one of the top performers in the cryptocurrency space. Surpassing Optimism’s OP Mainnet, Base has quickly become a dominant force in Ethereum’s layer-2 network.
The TVL breakdown includes $5.92 billion in assets minted natively and $2.14 billion in bridged value, representing assets locked on Ethereum but mirrored on Base. This substantial growth in TVL highlights Base’s rapid ascent in the market.
In the past three months, Base has emerged as a leader in on-chain earnings. A Dune Analytics dashboard by “niftytable” showcases Base’s impressive performance, with record-breaking profits of $16.9 million in March alone. Despite facing challenges such as a 58.6% drop in on-chain revenue to $6.98 million in the following month, Base remains ahead of its competitors in the Ethereum layer 2 ecosystem.
Base’s success can be attributed to its high transaction volume, boasting the highest transactions per second among all Ethereum layer 2 solutions at 30.36. Over the last 30 days, Base has processed a staggering 64.86 million transactions, solidifying its position as a leading platform for crypto enthusiasts.
However, Base has faced security concerns due to its popularity with memecoins during the early 2024 memecoin frenzy. Criminals took advantage of the network’s popularity, resulting in an 18-fold increase in funds lost to phishing scams from January to March.
In the midst of these developments, the cryptocurrency market continues to evolve. Bitcoin’s recent performance, including its second-highest weekly close, has sparked discussions about its ability to overcome resistance levels in the near future. As the industry adapts to new challenges and opportunities, investors are closely watching the latest crypto news for insights and trends that could impact their portfolios.