- According to L2Beat’s statistics as of June 10th, its TVL is $8.05 billion.
- Moreover, Base has made the greatest on-chain earnings in the last three months.
Just days after surpassing Optimism’s OP Mainnet, the total value locked (TVL) on Ethereum’s layer-2 network Base topped $8 billion.
According to L2Beat’s statistics as of June 10th, its TVL is $8.05 billion. This includes $5.92 billion in natively minted assets and $2.14 billion in canonically bridged value, which are assets that are locked on Ethereum but represented on Base.
Substantial Overall Gains
After passing OP Mainnet as the biggest chain in the Superchain ecosystem last week, the Coinbase-supported chain is now the second-largest Ethereum scaler in TVL, behind Arbitrum One’s $18.27 billion.
About seven months after its inception in August 2023, Base reached the $1 billion TVL threshold on February 27. However, since then, it has increased at a rate of knots, particularly over the last 104 days. Additionally, according to L2Beat, it has the highest number of transactions per second among all Ethereum layer 2s at 30.36, surpassing Arbitrum One’s 23.52. In the last 30 days, Base has handled 64.86 million transactions.
A Dune Analytics dashboard created by “niftytable” shows that Base has made the greatest on-chain earnings in the last three months, with a record-breaking $16.9 million for the chain in March. Although OP Mainnet reported $1.57 million in on-chain revenue last month, Base’s on-chain profits dropped 58.6 percent to $6.98 million, putting it ahead of the next most lucrative Ethereum layer 2.
The recent memecoin frenzy in early 2024 was a major contributor to these gains. Unfortunately, criminals were drawn to Base because of its popularity with memecoins. During January to March, the network had an 18-fold surge in funds stolen via phishing schemes.
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