The Ethereum layer-2 network Base has achieved a total value locked (TVL) of over $8 billion, surpassing Optimism’s OP Mainnet. According to L2Beat data, as of June 10, Base’s TVL stands at $8.05 billion, consisting of $2.14 billion of canonically bridged value and $5.92 billion in natively minted assets.
Base, supported by Coinbase, overtook OP Mainnet as the largest chain in the Superchain ecosystem last week and is now the second-largest Ethereum scaler in terms of TVL, behind Arbitrum One’s $18.27 billion. Base reached the $1 billion TVL milestone on Feb. 27, just seven months after its launch in August 2023. Since then, it has experienced significant growth, increasing eightfold over the past 104 days.
In terms of transactions per second, Base leads all Ethereum layer 2s with 30.36, surpassing Arbitrum One at 23.52, as reported by L2BEAT. Over the last 30 days, Base processed a total of 64.86 million transactions.
Base has been highly profitable, with on-chain profits totaling a record $16.9 million in March, according to a Dune Analytics dashboard by “niftytable.” Despite a 58.6% decrease in profits to $6.98 million in May, Base still outperforms OP Mainnet, the next most profitable Ethereum layer 2, which recorded $1.57 million in profits last month.
The surge in profits can be attributed to the recent memecoin frenzy at the beginning of 2024. However, Base’s popularity among memecoins also attracted scammers, leading to an 18-fold increase in funds stolen from phishing scams from January to March.
Analysts at asset manager VanEck predict that Ethereum layer-2 scaling networks will reach a combined market cap of $1 trillion by 2023.