Base Network Surges to Top 3 in TVL Among Layer 2 Chains
Base, a Layer 2 Ethereum network developed by Coinbase, has recently seen a significant increase in user deposits, placing it among the top three chains by total value locked (TVL).
As of now, Base’s TVL stands at $1.7 billion, reflecting a 20% rise since early May, according to DeFiLlama.
Launched to the public in August 2023, Base has quickly climbed the ranks to become the third most valuable Layer 2 blockchain. It follows Arbitrum, which boasts $3.81 billion in locked value, and Blast, with $2.26 billion. This growth has allowed Base to overtake OP Mainnet and establish itself as the largest chain in the Superchain ecosystem, built using the OP Stack software.
A key driver of Base’s TVL growth is the decentralized exchange Aerodrome, which has $714 million in deposits. Uniswap also contributes significantly, with $312 million locked in.
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Layer 2 solutions like Arbitrum, Blast, Base, and OP Mainnet utilize optimistic rollups, which execute transactions off the main Ethereum blockchain to increase throughput and reduce congestion.
These rollups assume transactions are valid by default and only perform computations if a fraud proof is submitted, rolling back transactions if fraud is detected. This contrasts with zero-knowledge rollups like zkSync, Linea, and Scroll, which validate transactions with cryptographic proofs from the outset.
Base’s rapid rise highlights the growing importance of Layer 2 solutions in enhancing Ethereum’s scalability and efficiency, attracting more decentralized applications and users to these networks and further expanding the DeFi ecosystem.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
