According to Cointelegraph, Base, an Ethereum Layer 2 blockchain created by cryptocurrency exchange Coinbase, has seen a surge in its Total Value Locked (TVL) of over 13.2% in the past week, surpassing $4 billion for the first time. At the same time, Base’s 30-day transaction volume has surpassed that of the Ethereum mainnet and its main competitor, Arbitrum.
Data from L2BEAT shows that Base’s total TVL has reached $4.17 billion, including $1.46 billion in Cross-Chain Bridging Value (CBV) and $2.7 billion in native minted assets. In terms of TVL, Base is currently the third-largest Ethereum Layer 2 network, surpassing its fourth-ranked competitor, Blast, by approximately $1.4 billion but lagging behind Optimism, ranked second, by approximately $3.5 billion, and Arbitrum, ranked first, by approximately $14.6 billion.
Base is the only network among the top five Layer 2 networks in TVL that has experienced growth in the past week. Starknet has seen the largest decline in TVL, approximately 9%, while Optimism, Arbitrum, and Blast have seen declines of 8.28%, 4.91%, and 1.8% respectively.
The growth in Base’s TVL has been achieved against the backdrop of a significant increase in trading activity. Its 30-day transaction volume has reached 50.5 million, surpassing Arbitrum’s 40.17 million and Ethereum’s 37.87 million. Base’s average transactions per second (TPS) have increased by 29.7% this week, averaging 36 TPS over the past day.
Additionally, Base has been one of the main beneficiaries of recent memecoin activity. According to CoinGecko data, the total market value of memecoins on Base has exceeded $1.6 billion. However, the popularity of Base has also attracted scammers, with funds stolen through phishing scams on the network increasing 18-fold from January to March this year, with $3.35 million stolen last month.
