Base TVL surges to $8B just days after overtaking OP Mainnet

Total value locked on the Ethereum layer-2 network Base has surpassed $8 billion — only days after overtaking Optimism’s OP Mainnet.

L2Beat data shows its TVL as of June 10 is now at $8.05 billion, including $2.14 billion of canonically bridged value — assets locked on Ethereum to be represented on Base — and $5.92 billion in natively minted assets.

Base’s change in TVL since June 16, 2023. Source: L2BEAT

The Coinbase-supported chain surpassed OP Mainnet as the largest chain within the Superchain ecosystem last week and is now the second-largest Ethereum scaler in TVL, trailing Arbitrum One’s $18.27 billion.

Base notched the $1 billion mark in TVL on Feb. 27, about seven months after it launched last August. But it’s been on a tear since then — increasing eight-fold over the last 104 days.

It also leads all Ethereum layer 2s by transactions per second over the last month at 30.36 — beating out Arbitrum One at 23.52, according to L2BEAT. Base processed 64.86 million transactions over the last 30 days.

Base is raking in the profits

Base has cashed in the most on-chain profits over the last three months, including a record $16.9 million for the chain in March, according to a Dune Analytics dashboard by “niftytable.”

Its on-chain profits fell 58.6% to $6.98 million in May but still leads the next most profitable Ethereum layer 2, OP Mainnet, which recorded $1.57 million in profits last month.

Profits from Ethereum layer 2 scaling solutions since January 2023. Source: Dune Analytics

Related: Coinbase partners with Lightspark for Bitcoin Lightning payments

Much of these profits were captured from the recent memecoin mania in the first few months of 2024.

However, Base’s popularity with memecoins also attracted scammers, and as a result, the network saw an 18-fold increase in funds stolen from phishing scams from January to March.

Ethereum layer-2 scaling networks are expected to notch a combined $1 trillion market cap by 2023, according to analysts at asset manager VanEck.

Magazine: Meme coins: Betrayal of crypto’s ideals… or its true purpose?

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