Base Emerges as Leading Layer-2 Solution, Surpassing Competitors in Activity and Value

Base, the Ethereum layer-2 solution launched by Coinbase, has seen a significant increase in activity recently, aiming to establish itself as a leader in the Ethereum landscape.

Over the past two months, transaction volume on Base has surged, capturing about 40% to 60% of the market and outperforming rivals like Optimism and Arbitrum.

Data from IntoTheBlock reveals that Base’s total value locked (TVL) rose dramatically, climbing from $1.41 billion on September 7 to a new peak of $2.37 billion, marking a 68% increase. In contrast, Arbitrum’s TVL experienced a slight decline of 0.33%, now sitting at $2.35 billion.

Base, the L2 blockchain from Coinbase that has been live for just over a year, is close to surpassing Arbitrum as the largest Ethereum L2 by TVL. pic.twitter.com/2G4knGPx8F

— IntoTheBlock (@intotheblock) October 11, 2024

Base’s success is further reflected in its stablecoin market cap, which has reached $3.758 billion, with USD Coin (USDC) representing nearly 93% of this figure. Although it still lags behind Arbitrum’s stablecoin market cap of $4.428 billion, Base’s growth is evident.

The increase in Base’s TVL correlates with a rise in active addresses, averaging about 2,188,900 daily over the past week. This marks a significant change from earlier in the year, when daily transactions were below 1 million. Meanwhile, Arbitrum and Optimism have averaged 512,900 and 405,600 active addresses, respectively.

If this upward trend continues, Base is poised to potentially surpass Arbitrum in stablecoin market cap and further solidify its position in the Ethereum ecosystem.