Coinbase's Ethereum Layer-2, Base, Tops $4 Billion Amid Rise in Transactions
Summary:
Coinbase's Ethereum layer-2 blockchain, Base, has seen a 13.2% increase in its total value locked (TVL), surpassing $4 billion for the first time. This surge has come alongside a rise in 30-day transactions, making it exceed both Ethereum and its competitor, Arbitrum. Despite an 18-fold increase in successful phishing scams on the network, Base continues to grow, with analysts predicting Ethereum’s scaling ecosystem could reach a $1 trillion market cap by 2030.
The total value locked (TVL) on Coinbase's Ethereum layer-2 blockchain, Base, has rocketed upwards by approximately 13.2% within the last week, breaching the $4 billion mark for the first time ever. This significant increase coincides with a surge in 30-day transactions, with Base surpassing both Ethereum and its prime competitor, Arbitrum, according to data updated on April 7 from L2BEAT. Base's total TVL stands at a robust $4.15 billion, which includes $1.45 billion of canonically bridged value (assets held on Ethereum and depicted on Base), along with $2.7 billion worth of natively generated assets.
In terms of TVL, Base ranks third among Ethereum layer-2 platforms, outpacing its competitor Blast, which trails behind by approximately $1.4 billion. However, Base still lags behind Ethereum's second-largest layer, Optimism, by $3.5 billion, and leader Arbitrum by $14.6 billion.
Furthermore, among the top five layer-2 platforms according to TVL, only Base has reported growth in the past week. Other major players such as Starknet, Optimism, Arbitrum, and Blast have witnessed a decrease in their TVL, falling by 10.2%, 9.1%, 5.5%, and 2.4% respectively.
Moreover, Base has experienced an uptick in activity, with its 30-day transaction count soaring past 50.34 million, outdoing both Arbitrum's 40.1 million and Ethereum's 37.9 million. On average, Base's daily transaction rate per second rose by around 29.7% over the previous week, maintaining, on average, an impressive speed of 35.19 TPS in the past 24 hours—figures that exceed the collective scores of Ethereum and Arbitrum.
A distinct beneficiary of recent memecoin activity, Base has seen its meme token market cap skyrocket to over $1.6 billion, marking a leap of above 13% just within the past day, reports CoinGecko.
However, this increased popularity has also attracted fraudsters, with Base witnessing a staggering 18-fold surge in successful phishing scams between January and March 2022 alone, resulting in the loss of $3.35 million last month.
Ethereum's primary focus currently is on refining the blockchain's capacity to process layer-2 transaction data, demonstrated by its Dencun update introduced on March 13 that has reduced layer 2 transaction costs.
As Ethereum grapples with its limitations, analysts from VanEck predict layer-2 platforms like Base could potentially benefit, projecting that Ethereum's scaling ecosystem might achieve a $1 trillion market cap by 2030.
Published At
4/8/2024 5:10:01 AM
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