Base Network is now the largest Ethereum L2 and a top five blockchain by TVL
TL:DR Breakdown
- Base Network claims the crown as Ethereum’s biggest Layer 2 rollup, boasting $2.49 billion in total value locked.
- It’s now one of the top five blockchains by total value locked (TVL), trailing only behind Ethereum, Tron, Solana, and BNB Chain.
Base, Coinbase’s Layer 2 Ethereum network, just snagged the title of the largest rollup by total value locked (TVL) with $2.49 billion spread across 366 protocols, slightly edging out Arbitrum’s $2.39 billion from the top title, according to DeFiLlama.
Base draws a large chunk of its TVL from Aerodrome, a decentralized exchange with over $1.3 billion in deposits.
Base has also climbed into the top five blockchain networks by TVL, now rubbing shoulders with Layer 1 giants like Ethereum, Tron, Solana, and BNB Chain.
Built as an optimistic rollup using the OP Stack, Base handles transactions off Ethereum’s main blockchain and periodically sends the data back, keeping things fast and efficient
Base isn’t just winning on the TVL front—it’s also crushing it in user activity. It has around 1.5 million daily active addresses, which is the highest activity across all Layer 1 rollups.
The significant growth of the Base Network demonstrates how serious Coinbase and developers are about making Ethereum’s rollup-centric dream a reality, solidifying its spot as the top Layer 2 by TVL just one year in.
To keep up with the surge in user demand, Base upped its block gas target from 10 to 13 Mgas/s this month. The upgrade is part of a bigger plan to boost the network’s capacity, allowing more transactions per block.
They’re bumping it up little by little each week, aiming for a final goal of 1 Ggas/s.
As for decentralization? Base is still in its training wheels phase. It’s an optimistic stage 0 rollup, meaning it’s got some growing up to do.
As we talk, the network is still yet to implement a fraud-proof system, which means users must trust the block proposer to submit the correct L1 state roots. But don’t worry—Base’s core devs have promised to add fraud proofs, and development is already in the works.
