Coinbase’s Base Surges Past $2 Billion in Locked Value, Closing in on Arbitrum

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.

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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.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.