HomeNewsBase TVL Surges 26%: Aiming to Lead the Ethereum L2 Race

Base TVL Surges 26%: Aiming to Lead the Ethereum L2 Race

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  • Base network’s TVL has soared to $550 million, marking an increase of over 26% within the WTD period.
  • Significant growth in TVL was triggered by the reminting of native USDC on the network.

As the blockchain ecosystem continues to flourish, Layer-2 protocol┬áBase, an Optimistic Rollup developed on the Ethereum network using OP Stack technology, is making waves with its significant accomplishments. Setting out to cement its reputation among Ethereum’s L2 chains, the latest data from L2Beat has cast the spotlight on the Base network.

Remarkable Leap in Base’s TVL

On Oct. 4, the reminting of native USDC on the Base network led to a surge, as the stablecoin’s value skyrocketed by 470.55% to 159 million. This vast availability of USDC ensures that the Base protocol is sufficiently liquid, powering the core operations that the platform offers.

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Following the triumphant launch of its SocialFi protocol, Friend Tech, Base has been on a progressive path. The substantial growth in address count, attributed to Friend Tech, ensured the Base network enjoyed significant advantages. Currently, only Arbitrum and Optimism surpass Base in terms of TVL. Notably, Base has managed to outshine networks like zkSync and Polygon zkEVM, despite them being older in the L2 landscape.

Pivotal Progress Since Inception

Ever since its introduction by Coinbase Global Inc, Base has attracted considerable attention and support from industry stakeholders. Distinctly crafting its trajectory using the Optimism tech stack, Base has been pivotal in shaping the direction for individual dApp growth and strategic collaborations. It’s noteworthy to mention that Base crossed the $500 million TVL mark just six weeks post its mainnet launch. Alongside this financial growth, Base has consistently expanded its transaction per second (TPS) metric, reinforcing every aspect that underpins L2 expansion.

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