Coinbase’s Base Surges Past $2 Billion in Locked Value, Closing in on Arbitrum
27.09.2024 15:30 1 min. read Alexander Zdravkov
Base, an Ethereum Layer 2 network developed by Coinbase, has surpassed $2 billion in total value locked (TVL), becoming the second-largest optimistic rollup by deposits, just behind Arbitrum.
Data from DeFiLlama shows Base’s TVL at $2.08 billion, a sharp rise from $430 million earlier this year—reflecting a 370% growth in 2023.
Base operates as an optimistic rollup, handling transactions off the Ethereum blockchain and periodically posting them on-chain, easing congestion and improving scalability. The network officially launched its mainnet in August 2023.
The decentralized exchange Aerodrome has been a key driver behind Base’s surge in TVL, with over $1 billion in deposits, followed by Uniswap, which holds $220 million.
Despite Arbitrum leading in TVL, Base leads in terms of user activity, boasting the highest number of active addresses and daily transactions, as noted by The Block’s data.
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